BELOIT — One of the two multi-family housing developments that was to receive $3 million each from the City of Beloit to build affordable housing in the city is in limbo.
In May, the Wisconsin Housing and Economic Development Authority announced that 27 developments in 13 counties would receive $36.6 million in housing tax credits in 2025 to offset the costs of building 1,731 affordable housing units.
To be eligible for the credit, the various developments had to pledge a certain percentage of the units will be set aside for below market rates for working-class families.
The Riverside Apartments by Madison’s Alternative Continuum of Care of Dakota Dunes and Lutheran Social Services, which proposed adding 55 units to the city, will receive $1.2 million in tax credits. Housing tax credits are a dollar-for-dollar reduction of federal income taxes owed by owners/investors in qualified projects...
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Leo’s notes: Beloit’s effort to boost affordable housing faces a setback as one of its two major projects loses out on critical tax credits. With $3 million in city incentives now in limbo, local leaders have a renewed opportunity—and responsibility—to ensure those dollars advance urgently needed housing solutions that serve working families and stabilize the local market.
Ken Notes: With so little partisan agreement in Madison and DC, now might be a good time to work on a bi-partisan workforce housing bill partnering with communities and employers to build housing projects that will solve a problem we all agree needs to be addressed.
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- - Volume: 25 - WEEK: 27 Date: 7/1/2025 7:21:27 AM -