FHLB Dallas and Arvest Bank Celebrate the Grand Opening of Cobblestone Farm Community in Fayetteville, Arkansas
Fayetteville Welcomes New Affordable Housing Community with $850K Grant
FAYETTEVILLE, Ark., September 08, 2025 — In a significant boost to affordable housing in Northwest Arkansas, the Federal Home Loan Bank of Dallas (FHLB Dallas), Arvest Bank, and Restore Hope Arkansas celebrated the grand opening of Cobblestone Farm Community, a new development featuring 89 rental homes, duplexes, and triplexes. This project was made possible through an $850,000 Affordable Housing Program (AHP) grant awarded by FHLB Dallas in partnership with Arvest Bank.
Cobblestone Farm Community is designed to cater to households earning between 30% and 60% of the area median income, offering a range of one- to four-bedroom rental options. Remarkably, the community is already fully leased, reflecting the pressing demand for affordable housing in the area. The development draws inspiration from the adjacent Cobblestone Farms, a nonprofit initiative dedicated to growing food for local food pantries and community partners. Future plans include collaboration with the farm to establish a free community garden for residents.
Jim Petty, CEO of Strategic Realty, emphasized the critical role of the AHP funds in overcoming financial hurdles faced during the pandemic. “The AHP funds came at an important time in the life of this project,” he noted. “While the state was helpful in bridging gaps, there was still a funding shortfall, and AHP helped fill that gap.”
The AHP grants, distributed through FHLB Dallas member institutions like Arvest Bank, are aimed at financing the construction, purchase, and rehabilitation of affordable housing for low-income households. The funds specifically target families with incomes at or below 80% of the area median income.
Virgil Miller, Arvest Group CRA Director, highlighted the importance of this development in addressing the region’s housing affordability crisis. “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,” he stated.
Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, reiterated the impact of AHP grants on communities. “Our AHP grants often come into play when an affordable housing development needs gap funding to reach completion,” he explained. “The AHP is often critical in filling this important funding gap.”
In 2024, FHLB Dallas awarded $1 million in AHP General Fund grants to affordable housing projects in Arkansas, part of a larger $78.9 million distributed across its five-state district. The announcement of the 2025 grant awardees is expected this fall.
As Fayetteville continues to grow, initiatives like Cobblestone Farm Community are vital in ensuring that affordable housing remains accessible to those who need it most.
