Nonprofit opens second attainable housing project
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Walnut Commons. Photo: Courtesy of Excellerate Foundation
The nonprofit behind the recently opened affordable Bentonville housing development that includes school employees just opened another housing project in Rogers.
State of play: Excellerate Foundation's new housing project, Walnut Commons, is a 60-unit apartment complex with one-, two- and three-bedroom units for people who make under 60% of the area median income, which is roughly $64,000, spokesperson Ali Johnson told Axios.
- The monthly rent for the apartments is $400-$900, Johnson said.
Why it matters: NWA has rapidly become a less affordable place to live, with the average home price in the region growing from $201,000 in 2019 to $359,000 in 2025 and the average rent climbing from under $800 in 2021 to $1,100 last year.
- Rising costs are forcing out many people who perform necessary jobs, like teachers, firefighters and restaurant workers, who often do not qualify for publicly funded housing but struggle to afford market-rate housing.
How it happened: Excellerate has stressed innovative financing for housing, like public-private partnerships and tax credits. The $13.2 million needed for Walnut Commons primarily came from Excellerate and the Emergency Rental Assistance Two program that Benton County facilitated, Johnson said.
Zoom in: Walnut Commons is on South 24th Street in an area heavily affected by the 2024 Memorial Day weekend tornadoes.
- "Rogers has done a lot of rebuilding since the tornado, but rebuilding isn't just about replacing what was damaged; it's about making good decisions about what comes next," Rogers Mayor Greg Hines said in a news release.
Flashback: Excellerate recently opened McAuley Place near the Bentonville Community Center, a 160-unit development that includes homes designated for Bentonville Public Schools employees.
What's next: Walnut Commons' website shows no availability but allows those interested to get notified of future availability.