FHLB Dallas and Arvest Celebrate Opening of New Fayetteville Rental Community Helped by $850K Housing Grant

FAYETTEVILLE, Ark.--(BUSINESS WIRE)--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 of 89 rental homes, duplexes and triplexes in Fayetteville, Arkansas. The project was made possible in part by an $850,000 Affordable Housing Program (AHP) grant awarded through FHLB Dallas and its member, Arvest Bank.

Cobblestone Farm Community offers one- to four-bedroom rental homes, duplexes and triplexes for households earning between 30 and 60 percent of the area median income. The community is fully leased. It was inspired by the neighboring Cobblestone Farms, a nonprofit that grows food for local food pantries and community partners. Future plans are to work with the farm to encourage access to a free community garden operated by the nonprofit.

“The AHP funds came at an important time in the life of this project because it was originally funded with tax credits during the pandemic and we know all the supply chain disruptions, labor costs and price spikes that occurred,” said Jim Petty, CEO of Strategic Realty, which worked with several community-based partners such as Potter’s House, New Heights Church, Excellerate Foundation and Restore Hope Arkansas to develop the community. “While the state was helpful in bridging gaps there was still a funding shortfall to fill and AHP helped fill that gap.”

AHP funds are awarded through FHLB Dallas member institutions, in this case Arvest Bank, and assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

Arvest Group CRA Director Virgil Miller said the development will provide affordability in a region where rents and home prices have been a challenge.

“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,” Mr. Miller said. “The support Cobblestone Farm Community received from FHLB Dallas was important in reaching today’s milestone.”

Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said the AHP can be impactful for communities.

“Our AHP grants often come into play when an affordable housing development needs gap funding to reach completion, as was the case with Cobblestone Farm Community,” Mr. Hettrick said. “The AHP is often critical in filling this important funding gap.”

In 2024, FHLB Dallas awarded $1 million in AHP General Fund grants to Arkansas-based affordable housing projects, which was part of $78.9 million awarded across its five-state District. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.

About Arvest Bank

With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.com.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $116.1 billion as of June 30, 2025, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.