TIF Housing Projects

The City Council authorized acquisition of the land and payment of the special assessments on 23 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 development of these lots in 2023, and a proposal from Acadia Homes was selected.  Acadia Homes has constructed and sold all 23 homes in the Western Hills subdivision.

TIF Housing funds were 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.

The City Council allocated $4.16 million in TIF Housing funds to a housing developer who has secured Low-Income Housing Tax Credit (LIHTC) incentives through the Wisconsin Housing and Economic Development Authority (WHEDA) for the construction of an affordable housing development on the former YMCA parcel at 1865 Riverside Drive.  Construction will begin in Summer 2026.

The Downtown Business District Upper Floor Housing Grant Program, administered by the Downtown Beloit Association, was designed to promote the continued use and maintenance of commercial and mixed-use buildings in the Downtown Beloit Business Improvement District by making funds available for creating upper floor housing in eligible structures as a means to preserve the historic culture of our community. This program provided grant funding towards a percentage of the project, and was created through the City of Beloit in recognition of the positive impact that downtown residents can have on the economic vitality of the downtown.

TIF Housing funds were used by the Community Development Department to create a new roof replacement program.

TIF Housing funds were paired with funding from ARPA and TID No. 15 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 Council awarded $1 million to Next Generation Construction for a mixed residential subdivision to be known as Creek Woods, which will include a variety of housing types and styles.