A number of programs have been created to address the need for housing in Beloit after the city council approved a TIF housing plan Monday night.

Economic Development Director Drew Pennington says the TIF housing fund totals $11.7 million, with $11.1 not yet allocated and up to 25% of the fund may be spent upon market rate housing initiatives, while 75% must be used for affordable housing projects.

Pennington says money will be used to acquire foreclosed lots, affordable rental unit creation and preservation incentives, housing rehab grants, downtown upper floor housing grants, and a new subdivision incentive.

Pennington says the creation of the plan won’t result in a tax increase.