Real estate development firm reX Real Estate has announced plans to invest $20 million in the development of a three-storey residential building in Arkansas.
The company said the new building will provide housing for the families of Arkansans who are currently displaced due to the state’s drought.
The building is being constructed by a subsidiary of ReX Real-estate Development which is based in Arkansas and is based at the University of Arkansas at Little Rock.
The company’s CEO, Robert Stiles, said the project will include a community centre and retail space.
“The goal is to bring together the community to help support Arkansan families in need, while also helping create opportunities for people in the community,” Mr Stiles said in a statement.
Mr Stiles added that the project is also expected to provide housing to the city of Little Rock and its surrounding communities.
The development comes after Arkansas Governor Mike Beebe announced in February that he had directed the state to prepare for a five-year drought.
Arkansas has recorded its worst drought in at least 50 years, with more than 30 million people experiencing water restrictions and more than 3.5 million being without drinking water, according to the US Army Corps of Engineers.