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Beloit council approves $1 million competitive grant program to spur market-rate housing
Summary
The Beloit City Council approved Resolution 2025-014 to create a competitive grant program using tax-increment financing (TIF) funds to provide gap financing for infrastructure on residential developments, with minimum requests of $500,000 and maximum awards of $1,000,000.
The Beloit City Council voted to approve Resolution 2025-014 authorizing a competitive market-rate housing incentive grant program that will award up to $1,000,000 in gap financing to residential developers for infrastructure work.
City staff told the council the program implements a project plan approved Nov. 20, 2023, that extended several tax increment financing (TIF) districts and allocated $1,000,000 for grants, loans and developer incentives to support new…
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