City Council Awards $1 Million Incentive for Subdivision Coming to Beloit
The City of Beloit will soon see more homes being built in Beloit. The Beloit City Council approved a $1 million market-rate housing incentive to Next Generation for a new subdivision at Murphy Woods and Creek roads on Monday, June 2.
Next Generation was awarded the incentive after a competitive process. The project includes the construction of 138 new homes in a subdivision, including some duplexes and multi-family homes. The new construction grant provides gap financing for infrastructure, including water mains, sewer mains, electric and natural gas lines, sidewalks, and roads.
The developer intends to preserve as many native, non-invasive trees as possible during this project. The project requires the developer to enter into a fully executed development agreement by January 1, 2026, to remain eligible for the funds.
Meanwhile, Wisconsin Housing and Economic Development Authority (WHEDA) announced on Monday, June 2, that an affordable housing development planned for the former YMCA site is receiving housing tax credits. The project previously was awarded $3 million in TIF Housing funds from the City of Beloit; the announcement from WHEDA helps that project take a step forward.
The Alternative Continuum of Care-Riverside apartments, 1865 Riverside Drive, is a 55-unit multi-family affordable housing development.
The other project that the City of Beloit awarded $3 million in affordable housing funds to is still pending. The multi-family affordable housing project – up to 94 units - is waiting on housing tax credit approval to move forward at 3500 Eagles Ridge Drive.
With an unprecedented demand creating a lack of affordable and market-rate housing options in our community, the City of Beloit recognized the need to invest in housing on all levels and dedicated funding from its successful tax increment financing districts to help bridge the gap.
The investments are being funded by the City’s Tax Incremental Financing (TIF) Housing Fund. Visit www.beloitwi.gov/tifhousing to learn more.