Cobblestone Farm Affordable Housing Development

completed

The Cobblestone Farm community is a new affordable housing development in west Fayetteville, Arkansas, consisting of 89 units including single-family homes, duplexes, and triplexes. It rents homes for $373 to $753 per month and aims to address the affordable housing crisis in Northwest Arkansas. The project was a collaboration between multiple organizations, including Strategic Realty and New Heights Church, with land leased for $1 per year for 99 years. The Fayetteville City Council annexed and rezoned 30 acres for the project in 2020, and construction began in 2022. The project was financed with nearly $21 million, primarily through the Arkansas Development Finance Authority using federal Low-Income Housing Tax Credit and National Housing Trust Fund resources, along with an $850,000 grant from the Federal Home Loan Bank of Dallas.