Below is a list of projects and funding approved by the Beloit City Council.
Acquisition of Property for Western Hills Subdivision: $458,183
The City Council has authorized acquisition of the land and payment of the special assessments on eight parcels of land consisting of up to 22 buildable lots known as the “Western Hills” subdivision. These lots were acquired from Rock County in 2022. The City issued a Request for Proposals for purchase and development of these lots in 2023. Five proposals were received, and a developer has been selected. These homes are expected to be market-rate
Acquisition of Tax Foreclosure Lots: $415,113
TIF Housing funds may be used to acquire properties from Rock County through the tax foreclosure process for costs of the unpaid taxes or other outstanding special fees or charges.
Affordable Rental Unit Creation/Preservation Incentive: $6,000,000
TIF Housing funds may be awarded to developers and owners of multifamily developments for rental unit creation and/or preservation of affordable units in the form of grants and/or loans. Preference may be given to developers who have applied for Low-Income Housing Tax Credit (LIHTC) incentives through the Wisconsin Housing and Economic Development Authority (WHEDA). Importantly, this includes developers whose applications are accepted by WHEDA and deemed eligible, but are not awarded tax credits due to the competitiveness of that statewide program. The City reserves the right to require developers to abide by the same or similar income limit and/or rent affordability restrictions, and will require developers to grant access for inspections of any rental units created with TIF-Housing funds. The City reserves the right under this program to include deed restrictions which include income limitations and/or percentage-of-income restrictions or another method to guarantee the long-term 4 affordability of the units created or preserved with TIF-Housing funds. The Economic Development Department shall lead this program.
Downtown Upper Floor Housing Grants: $363,010
TIF Housing funds will be used to provide grant dollars to property owners within the Business Improvement District (BID) in downtown Beloit for the creation of a grant program to develop upper floor housing units that will be made available to qualifying occupants. The City reserves the right to impose maximum income limits by household size and/or rental amount restrictions on upper floor units 5 created with TIF-Housing funds.
Housing Rehab/Curb Appeal Loans and Grants: $985,000
TIF Housing funds may be used by the Community Development Department to create new grant and/or loan programs that assist current homeowners in completing exterior maintenance and improvement projects. The Community Development Department shall lead this program.
Infill Development Incentive on Vacant Lots: $1,500,000
TIF-Housing funds may be used by the Community Development Department to create new grants, loans, forgivable loans that individuals, developers, builders, nonprofits, and others may seek in order to construct new housing on vacant properties. Preference may be given to vacant lots within established neighborhoods that are already served with utilities, sidewalks, transit, etc. Ideas for this program category include offering forgivable loans of up to $25,000 (single-family) or $50,000 (two-family) to builders for the construction of speculative (spec) homes on vacant land for future owner-occupancy. The City reserves the right under this program to include deed restrictions which include income limitations and/or percentage-of-income restrictions or another method to guarantee the long-term affordability of the properties benefitted by TIF Housing funds. The Community Development Department shall lead this program.
Lift Station for Eagles Ridge Subdivision: $1,000,000
TIF Housing funds may be paired with funding from ARPA, TID No. 15, and/or other City funds to construct a sanitary sewer lift station near the intersection of E. Colley Road and Turtle Townhall Rd. This lift station will serve future phases of the Eagles Ridge neighborhood as well as surrounding parcels to be developed in the future. The City may seek to recapture some or all funds from benefiting property owners. The Public Works Department shall lead this program.
New Subdivision Incentive: $1,000,000
TIF Housing funds may be awarded to property owners, developers, or lessees of vacant land within the City to encourage the development of market rate housing. Subject to an approved Development Agreement with the City, developers may use TIF-Housing funds to construct, alter, rebuild water, sanitary sewer, storm sewer, electric, natural gas, roadway, and landscaping infrastructure. Developers will be expected to treat TIF-Housing funds as “gap financing” and will need to demonstrate how the funds will be used to reduce the cost of the development, thereby enhancing the affordability of all types of new housing being constructed in the City. The City does not intend to directly expend TIF-Housing funds on City-constructed infrastructure, but rather to partner with private sector developers needing gap financing. The Economic Development Department shall lead this program.
