Affordable Rental Unit Creation/Preservation Funds

Beloit City Council allocated $6,000,000 in Tax Incremental Financing (TIF) Housing funds to support the creation and preservation of affordable rental units in the City of Beloit.  


Applications Received 
The City received a total of four (4) applications for TIF Housing - Affordable Rental Unit Creation/Preservation funding. A spreadsheet with brief descriptions of each application received can be found here


Application Process Overview  
Pre-Application Eligibility Determination 

Only developers which completed the pre-application eligibility checklist and received confirmation from City staff regarding the agency’s eligibility to apply for TIF Housing funds will have access to the full application for funding. Pre-applications to determine eligibility were made available on March 18, 2024 to any organization interested in applying for TIF Housing funds. The pre-application with all supporting documentation required was due no later than 4:30pm CST on April 1, 2024.


Full Application for Funding

Developers which completed the pre-application and were eligible to apply for TIF Housing funding had access to the full application for funding starting on April 12, 2024. Full applications for funding were due no later than 4:30pm CST on May 10, 2024. 


Mandatory Applicant Presentations 

All applicants deemed eligible to apply for TIF Housing funding provided a ten (10) minute presentation to Beloit City Council on May 20, 2024. 



TIF Housing Fund  

Date and Time


Application Information Sessions

March 13- 14, 2024


Pre-Application Eligibility Checklist Available

Opens: March 18, 2024

Due by: April 1, 2024

Neighborly, PDF, or hard copy

Pre-Application Eligibility Review Period

April 2- 10, 2024


Full Application Available

Opens: April 12, 2024

Due by: May 10, 2024

Neighborly, PDF, or hard copy

Applicant Presentations to City Council

(Mandatory for all applicants)

May 20, 2024

City Council workshop before Council meeting

Application scoring by City Council members

May 21- May 31, 2024


City Council meeting to review averaged application scores, and discuss funding allocations

June 10, 2024

City Council workshop

City Council meeting to vote on final funding allocation

June 17, 2024

City Council meeting

City Hall Forum

100 State Street

Negotiation and City Council approval of Development Agreement

Between July 1- July 31, 2024


Beginning of expenditure period

Following approval of Development Agreement


Last updated 5/21/2024 8:08:30 AM