Beloit af­fordable housing project moving forward

“The vacancy for apartments is still under 1%, which is not a healthy rate,” said Drew Pennington, the economic development director for the City of Beloit. “So there’s a lot of demand there.”

That’s why city leaders made sure an affordable housing project that was once in jeopardy will move forward. The four-story, 55-unit building is set to take over the former site of the YMCA on Riverside Drive. Construction is expected to start in the spring.

The project was initially chosen by the city to receive $3 million in funding back in 2024. It also received some additional funding from Rock County and tax credits from the state of Wisconsin. 

What You Need To Know

• A four-story, 55-unit affordable apartment building is set to take over the former site of the YMCA on Riverside Drive


• Construction is expected to start in the spring


• The project was initially chosen by the city to receive $3 million in funding back in 2024; But with rising costs, developers were still short on funding to complete the project


• Beloit City Council members voted to approve $1.6 million in additional funding

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Leo’s notes: Beloit’s decision to step in with additional local funding to keep a 55-unit affordable apartment project alive is a clear signal of how urgent the housing shortage has become. This project, aimed at households earning 30–80% of the county median income and paired with on-site supportive services, reflects a growing recognition that affordable housing is core infrastructure: essential to workforce stability, family well-being, and the long-term economic health of the community.