Excellerate Foundation HOMES Program
How much assistance
Up to $50,000 toward the purchase of a permanent home after up to 5 years of participation (Grant)
Participants live in shared-equity housing at McAuley Place for up to 5 years, paying principal and interest monthly. Upon exit, accumulated principal plus a share of equity appreciation (up to $50,000) can be used toward a permanent home purchase.
Eligibility
- Income limits: Must be a Bentonville School District employee or Mercy employee
- First-time buyer required: No
- Geographic restrictions: McAuley Place development in Bentonville, AR. Limited to Bentonville School District employees (35 cottages) and Mercy employees (5 cottages).
- Homebuyer education required: No
How to Apply for Excellerate Foundation HOMES Program
Step 1: Visit bentonvilleteacherhomes.com or contact the Excellerate Foundation for application details. Participants move into McAuley Place cottages with no down payment, no PMI, no closing costs, and no property tax. After up to 5 years, participants exit with up to $50,000 toward purchasing a permanent home.
Notes
Launched in 2024 at the McAuley Place development. Program includes 120 multifamily apartments and 40 single-family cottages. Estimated monthly payment approximately $1,500 for a cottage. Focused on addressing the housing affordability gap for educators in Northwest Arkansas.