By Jacob Roushia - Nov 29th 2022
BELOIT
A project to increase affordable housing in Beloit by 2024 recently received approval by the Beloit City Council.
The Rock County HOME Consortium, which includes the cities of Beloit and Janesville, was awarded $2,442,156 in HOME American Rescue Program (HOME-ARP) dollars to provide assistance and supportive services for the homeless.
The consortium received applications from eligible applicants and received two applications for Janesville projects and one application for a Beloit project.
The Consortium awarded $1,157,980 of the total amount to Beloit’s project. These funds are to support the HOME Investment Partnerships American Rescue Plan Program.
Beloit received $1,066,480 for affordable rental housing development, $50,000 for supportive services and $41,500 for program administration.
The Northernstar Companies proposed a project with the City of Beloit to construct a complex that includes 120 rental units and 31 of the units will be funded by affordable rental housing funding.
“The remainder of the cost for construction will be funded by the developer,” said Julie Christensen, Community Development Director of the City of Beloit. “The remaining units will be affordable, but will be funded with other dollars. (Northernstar Companies) would also provide supportive services for at least 20 people in this complex.”
The total cost of the project that includes the $1 million from the consortium will total an estimated $35 million, according to Brandon Methu founder of the Northernstar Companies.
The project is still in its early stages.
“The next step is a development agreement,” Christensen explained.
The design and specific location in Beloit has not been determined at this point according to Chistensen. Methu could not comment on these details at this time, he told Beloit Daily News.
The project is estimated to be operational in 2024, according to Christensen and was confirmed by Methu.
Northernstar Companies will be seeking tax credits in the 2023 cycle, according to Christensen.
Janesville received the remaining $1,284,176 in funds from the consortium funding affordable housing projects, supportive services and program administration.
Janesville received $909,520 for affordable housing, $300,000 for supportive services and $74,656 for program administration
The affordable housing will be split between two different projects in the City of Janesville.
The first project provides a total of 8 HOME-ARP rental units and 80 total affordable housing units in the City of Janesville. This project with the city would be managed by Lutheran Social Services of Wisconsin and Upper Michigan & Alternative Continuum of Care of Dakota Dunes.
The Horizon Development Group proposed the second project with the city. The second project will involve constructing a total of 11 HOME-ARP rental units and 40 total affordable housing units in the City of Janesville.
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