City of Beloit announces $6 million investment in affordable housing

MADISON, Wis. (WMTV) - The City of Beloit announced a $6 million investment on Tuesday aimed at creating and preserving affordable rental homes. The City said it will begin accepting grant applications from housing developers soon.

The Affordable Rental Housing Creation/Preservation Fund will provide gap financing to developers seeking tax credit incentives through the Wisconsin Housing and Economic Development Authority (WHEDA). The City said the funding will come from the City’s Tax Incremental Financing (TIF) Housing Fund.

According to the announcement, the investment comes as the City of Beloit sees a lack of affordable housing while also seeing unprecedented demand.

Drew Pennington, Economic Development Director for the City of Beloit, said there is a shortage of affordable housing for the community’s workers. “This new funding program, which exists due to the growth of our business districts, represents an opportunity for public-private partnership that will bring high-quality rental homes to our community.”...