A new TIF Housing Fund grant is giving the city of Beloit roughly $12 million to spend on future developments.

Economic Development Director Drew Pennington says they’re recommending a few different types of projects to the city council including smaller homes on single vacant lots or tax credit developments, but it will ultimately be up to the council on how they want to allocate the funds.

Pennington says there’s needs for all types of housing, but workforce rental housing whether it’s a duplex, single family, or multifamily units are the most in need.

Pennington says the city is experiencing a clog in the system where people who would buy a house can’t get one, so they continue to rent and preventing them from turning over leading to a less than 1% vacancy rate.

City staff will be holding a public information session Wednesday evening at the Beloit Public Library to give residents the chance to offer their input on how the funds should be spent.