New Market Rate Housing Incentives
The City of Beloit is investing $1 million of its tax incremental housing fund to provide gap financing as the community attracts developers to increase its residential housing stock.
The application deadline has been extended to March 31, 2025; program information and the application can be downloaded below. Developers can seek assistance for $500,000 to $1 million to construct new market-rate housing. Applicants must be the owner of the property in question or have the project site under contract at the time of application. All project sites must be in the City of Beloit.
After receiving all approvals, the funding will support the infrastructure of a new housing development, including utilities, roads, sidewalks, bicycle accommodations and landscaping.