City of Beloit announces $6M fund to create, preserve affordable rental homes

BELOIT, Wis. -- The City of Beloit announced a $6 million investment Tuesday to create or preserve affordable housing in the community.

City officials said developers looking to create or preserve affordable rental homes will soon be able to apply for grants through the Affordable Rental Housing Creation/Preservation Fund. The fund will fill financing gaps for developers look for tax credit incentives through the Wisconsin Housing and Economic Development Authority (WHEDA).

"Beloit is facing a dramatic shortage of affordable rental housing for both existing families and workers seeking to relocate here for career opportunities," Beloit economic development director Drew Pennington said. "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."

Developers must own or control land in the City of Beloit and be in good standing with the Wisconsin Department of Financial Institutions in order to be eligible for grants through the fund. They will also be required to follow WHEDA guidelines and keep housing units affordable.

The $6 million investment is funded by Beloit's Tax Incremental Financing (TIF) Housing Fund.

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