BELOIT — The City of Beloit all of a sudden has another $3 million to give away.
In 2024, the Beloit City Council awarded $3 million each to two developers to build affordable housing complexes in the city. The money came from expiring tax increment financing districts and were a one-time incentive meant to boost home and apartment building in the city.
One of those two projects officially is not going to go forward.
“Staff is working on some options for the funds previously awarded to (the Alexander Co.) and will be presenting some options in the near future,” Drew Pennington, Beloit economic development director Drew Pennington said in an email...
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Leo’s notes: Beloit’s stalled housing deal underscores how fragile the pipeline for affordable and workforce housing remains — even when local governments are ready to invest. With $3 million back on the table after a major project fell through, the city has a renewed opportunity to steer those dollars toward developments that truly move the needle for middle-income families. Rising rents and sluggish new construction are squeezing Beloit’s working households, while neighboring towns see record growth. Redirecting these funds quickly and strategically could help rebalance that trend — keeping Beloit competitive, livable, and within reach for the people who sustain its economy.
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- - Volume: 25 - WEEK: 46 Date: 11/10/2025 2:14:12 PM -