Thursday, December 13, 2007

Affordable Housing in Fayetteville

The City of Fayetteville is moving closer to its priority goal of meeting the demand for attainable workforce housing. On next week's City Council consent agenda is a contract with Rausch Coleman Homes LLC to partner with the city and secure grants through the Arkansas Development Finance Authority to subsidize the purchase of affordable homes. The project is aimed at residents with low to moderate incomes (80% of the city median household income), which for a family of four would be $42,500 and a home in the price range of $89,236 to $99,262, depending on mortgage rates.

That would not include
John White's $2.77 million Chancellor's Mansion of 11,500 square feet on three prime acres on the UA campus, which includes a caterer's kitchen, a butler's pantry, his-and-her toilet closets, a hot tub, five bathrooms, three fireplaces, two dishwashers, and an exercise room. Mike Masterson's column today calls it "elegant." It will replace the 3,868-square foot home the University bought for White in 1997 at a cost of a mere $387,500. White also owns other grand homes at the exclusive Pinnacle gated community in Rogers and at Long Cove Club on Hilton Head Island, SC.

Then there's the 5,606 square foot Nutt House, recently listed with Jim Lindsey for only $899,000. Six bedrooms and five and a half baths with a swimming pool and a three-car garage on four acres. With a down payment of $44,950 and a 30-year mortgage at 6.5%, your monthly payment would be only $5,398 per month. Affordable?

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