(KNSI) – Foley says it has a severe housing shortage but construction setbacks are forcing officials to get creative.
A new 50-unit neighborhood of single-family residences and townhomes has been proposed along Benton County Road 151 on the city’s south end. Without any grants, infrastructure improvements to pave the way for the development are estimated at over $3.6 million, or $70,000 per lot, pricing out many.
Foley applied to the Benton County Board of Commissioners for $500,000 in American Rescue Plan Act funds to offset the burden. It was approved unanimously on Tuesday morning. Foley will match the grants for $1 million in total assistance.
The idea looks to reduce the cost per lot by about 28% to just over $52,000. City Administrator Sarah Brunn says Foley officials are marketing lots near the schools to the north. If the details can be ironed out in time, the north lots could see the same assistance.
ARPA requires that funding be approved by December 31st this year, and the money must be spent by the end of 2026.
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