BELOIT, Wis. — The Beloit City Council approved a development agreement on Tuesday to redevelop the former YMCA site into 55 affordable rental units.
The development agreement is with Beloit Riverside Apartments, LLC and a HOME-American Rescue Plan (HOME-ARP) grant agreement, the city said. The development is planned for 1865 Riverside Drive.
City officials said the units will be restricted to households earning 30-80% of Rock County median income. The project is also receiving financing from other sources, and the city will provide a 30-year, interest-free $4.16 million incentive loan through the city’s Tax Increment Financing (TIF) housing fund to bridge a funding gap…