ROCKFORD, Ill. (WTVO) — The Beloit City Council has approved a $1.16 million contribution to push forward an affordable housing project, paving the way for a new apartment complex.
The Riverside Housing Project, which aims to deliver 55 low-income units, had faced a funding gap after failing to secure multiple financing grants. The recent contribution is seen as a major step forward for the project.
“With an unprecedented demand creating a lack of affordable housing options for our community’s workforce, the City of Beloit recognized the need to invest in housing on all levels and dedicated funding from its successful tax increment financing districts to help bridge the gap,” the city shared in a statement…