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Beloit outlines timeline for multiple housing projects, including affordable units tied to tax credits and TIF dollars
Summary
City staff reviewed the status of several approved and proposed residential projects, timelines for tax-credit applications, TIF and HOME funds committed, and possible RFPs for city-owned sites north of Burton and the Hanchette Bartlett Homestead.
City staff presented a citywide residential development update to the Beloit City Council outlining the status of several approved and proposed projects, funding commitments and next steps for projects that depend on competitive tax credits and developer action.
Julie (city staff) and the City Manager reviewed projects the council previously approved and projects expected to move forward in 2025-26. Staff said Legacy Turtle Creek (market-rate multifamily behind Menards) requires a final PUD plan submission by May 2025 or its PUD approval will lapse. Rock River townhomes at 1642 Sixth Street, an 88-unit affordable development, applied for federal housing tax credits in 2024 and was not awarded credits; staff said the developer plans to reapply in early 2025 using about $1 million in HOME-ARP city funds as local matching funding. Oak Park Place (the former Y site) received $3,000,000 in TIF housing funds and plans a 55-unit first phase; staff said its developer also intends to apply for credits in early 2025 and that HOME-ARP funds could be redirected to this project if the Sixth Street proposal fails to secure credits.
Eagles Ridge (Meadowlark) is a 94-unit project approved in November that received $3,000,000 in TIF housing funds and may start construction in 2025 if financing assembles. Western Hills subdivision activity was described as progressing: Acadia Homes has begun building single-family homes, with 11 permits already issued and additional permits expected. Staff also reported four new single-family homes funded with HOME awarded to Community Action in partnership with Wisconsin Housing Partnership; those builds are under construction with basements being poured and expected delivery in 2025.
On future opportunities, staff said the city will consider issuing RFPs for two city-owned sites (land north of Burton and the former Hanchette Bartlett Homestead) and may perform soil borings to reduce development uncertainty tied to ground conditions. Staff emphasized that proposed timelines for projects dependent on tax-credit awards are contingent on competitive funding rounds.
Councilor Terrell praised the variety of projects and said she was pleased developments address both east- and west-side needs. Staff said they plan to publish this update to the city's website and share it with local housing-focused groups.
Staff recommended quarterly public updates on strategic-plan and development progress; the council adopted the 2025 strategic plan elsewhere on the agenda and directed staff to provide periodic reports.
