FAYETTEVILLE, Ark. (KNWA/KFTA) — A pair of Northwest Arkansas organizations are partnering together to try and bring more affordable housing to the area.
Funding from the Home Depot Foundation, the City of Fayetteville and additional bank loans helped local non-profit Partners for Better Housing kickstart a mixed-income development in South Fayetteville called Willow Bend.
The Walton Family Foundation provided a grant to help Partners for Better Housing expand their reach in the Fayetteville Area and fund their Pay it Forward program, which gives subsidies to buyers who are income qualified to lower mortgage payments and down payment requirements.
The hope in the new neighborhood is to create opportunity for moderate-income workers in the area to be able to afford new homes during a time when housing prices are skyrocketing.
Tiffany Hudson, Executive Director of Partners for Better Housing said “Some of the homes will be reserved for low to moderate income buyers people like teachers and nurses that find themselves unable to keep up with the increasing costs of homeownership now, in Northwest Arkansas.”
Homes in the new development will cost between $200,000 and $300,000. However, Partners for Better Housing offers assistance to income-qualifying buyers under the Pay It Forward program.