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Beloit council approves $1 million incentive program to spur market-rate housing
Summary
The Beloit City Council approved Resolution 2025-014 to create a competitive grant program using $1,000,000 in TIF funds to provide gap financing to residential developers for infrastructure; requests must range from $500,000 to $1,000,000 and applicants must complete a full City of Beloit TIF application and enter a development agreement.
The Beloit City Council on Feb. 3 approved Resolution 2025-014 to establish a market-rate housing incentive grant program that draws on previously authorized tax incremental financing (TIF) funds.
City staff said the program will award up to $1,000,000 in grants to residential developers to help cover infrastructure costs and thereby encourage construction of new market-rate housing in Beloit.
The program implements a project plan the council approved Nov. 20, 2023, and “implements this program and includes an application review process, eligibility, timelines, and application forms,” said Drew, a city staff…
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