The nearly $20 million Cobblestone Farm Community recently opened at 5526 W. Wedington Drive in Fayetteville. The 89-unit development includes single-family homes, duplexes and triplexes for rent. The homes range from one to four bedrooms.
The fully-leased community serves households earning 30%-60% of area median income, which is $59,074 for Fayetteville, according to the U.S. Census Bureau.
Strategic Realty worked with several area partners such as Potter’s House, New Heights Church, Excellerate Foundation and Restore Hope Arkansas to develop the community. It was made possible in part by an $850,000 Affordable Housing Program grant awarded through the Federal Home Loan Bank of Dallas and its member, Arvest Bank.
“The AHP funds came at an important time in the life of this project because it was originally funded with tax credits during the pandemic, and we know all the supply chain disruptions, labor costs and price spikes that occurred,” said Jim Petty, CEO of Strategic Realty. “While the state was helpful in bridging gaps there was still a funding shortfall to fill, and AHP helped fill that gap.”
AHP funds must be used to benefit households with incomes at or below 80% of the area median income.
“We think these homes will go a long way in helping families and individuals who are struggling with the high cost of housing in Northwest Arkansas,” said Arvest Group CRA Director Virgil Miller. “The support Cobblestone Farm Community received from FHLB Dallas was important in reaching today’s milestone.”
According to the release, the community “was inspired by the neighboring Cobblestone Farms, a nonprofit that grows food for local food pantries and community partners. Future plans are to work with the farm to encourage access to a free community garden operated by the nonprofit.”