Beloit offering downtown businesses $36K to convert upper floors into apartments

BELOIT, Wis. (WTVO) — The City of Beloit is offering downtown business owners $30,000 per unit to create affordable apartments above their storefronts.

Americans are grappling with rising rent prices and the shortage of affordable housing options is plaguing cities across the country. According to the City, Beloit is facing a shortage in all levels of housing, from affordable to executive-level.

Beloit’s Downtown Upper Floor Housing Grant program would use $360,000 to create dozens of housing units above stores in the downtown area.

Beloit’s Director of Strategic Communications, Sarah Lock, said. “It’s very difficult for people to find housing, and we’re hoping that this program, the $12 million that we have to invest in all areas in our city, will alleviate some of that tightness in the market.”

The money will come from the city’s TIF Housing Fund.

“These one-time funds have the potential to create a tangible, positive impact on growing the number of residents in our community,” said Drew Pennington, City of Beloit economic development director. “Available housing for our current and future residents is one of the top concerns of our business community. As our employers attract quality candidates to the area, we want those employees to create their life in our city as residents of Beloit.”

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