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When the other project, which was planned to be built in the Gateway Business District, fell through, Alternative Continuum of Care applied for additional funding to make the project a reality. Without the additional funding, the Madison company said they would have to scrap the entire project.

There hasn't been a large-scale apartment complex built in Beloit since the second phase of the Wright & Wagner Lofts were built in downtown Beloit in 2022.

The Riverside project, when completed, would include 11 apartment units ranging from $487 to $675 per month, 25 units priced at $812 to $1,126, 15 units at $975 to $1,351 and four with rents ranging from $1,300 to $1,801.

The TIF incentive funds were part of a number of things the city has tried in 2024 and 2025 to boost home building in the city, which has slowed considerably this year.

Through November, builders have taken out just 17 single-family home permits in the city after starting on 46 last year. Including a handful of apartment units and one new manufactured home, builders have started on just 27 new housing units in the city.

It's been much busier in the Town of Beloit. Two different builders pulled eight duplex permits in November and the town has now seen starts on 67 new units, already above the record 49 last year.

Still, those combined numbers are well below what the city needs to combat the rapidly rising home prices and average rents that are pricing more people out of their residences. According to the U.S. Census Bureau, median household income in Rock County increased 11.4% from 2020 to 2023 - the most recent data available.  The average home sale price, though, has soared 59% - from $189,917 at the beginning of 2020 to $302,326 at the end of September, according to the Realtors Association of South Central Wisconsin.

Even with Tuesday night's vote, the city still has about $1.8 million in leftover TIF funds to distribute. The city has not determined the next steps on that money.