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.
Schedule
|
TIF Housing Fund |
Date and Time |
Location |
|
Application Information Sessions |
March 13- 14, 2024 |
Virtual |
|
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 |
N/A |
|
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 |
Neighborly |
|
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 |
N/A |
|
Beginning of expenditure period |
Following approval of Development Agreement |
N/A |