Walton Family Foundation, state give $18 million to McAuley Place project
by July 31, 2024 3:22 pm 3,338 views
The Walton Family Foundation and the state of Arkansas will provide $18.7 million for the McAuley Place development in Bentonville, according to a Wednesday (July 31) news release.
The 160-unit workforce housing development will be built for employees of Bentonville Schools and other families in the district. The estimated total cost for the development is $35 million.
The Bentonville Teacher Homes project at McAuley Place is a public-private collaboration that includes Bentonville Schools, Excellerate Foundation, Benton County, Mercy Health, Arvest Bank and Strategic Realty. The 11-acre project site at Southwest I and Southwest 41st streets was made possible by Mercy Health Northwest Arkansas Communities, the release shows.
Last week, the Arkansas Development Finance Authority announced that McAuley Place would receive $13.8 million in federal tax credits and state loans. The Walton Family Foundation also awarded Excellerate Housing a $4.9 million grant to support infrastructure and other costs related to project completion. Excellerate Housing is a subsidiary of the nonprofit group Excellerate Foundation of Rogers.
“Our list of partners continues to grow as more and more people recognize the unique nature of what we’re doing at McAuley Place,” said J. Nash, executive director of Excellerate Housing. “No one else in the nation is tackling the teacher housing crisis quite like this, so when people learn more about it, they want to be a part of it.”
McAuley Place rents range from $450 to $850 monthly for the apartments and either $1,000 or $1,500 monthly for the cottages. The latter cottage rent is for those participating in the Home Ownership Mutual Equity Solutions (HOMES) program.
Excellerate Housing is in the final stage of contractor selection, and site work is expected to start in the coming weeks, according to the press release. McAuley Place is expected to be completed in late 2025 for its first phase of 60 multi-family units and the early learning center. The second phase will comprise an additional 60 multi-family units and 40 single-family cottages and will be completed by the end of 2026.
“The people who work for Bentonville Schools do so much for this community, so it’s no surprise that so much of this community wants to do something for them in return,” Nash said. “The size of this coalition of partners and the fact that it keeps growing is a testament to the value Northwest Arkansas places on high-quality education and the people who make it possible.”