Next Generation Awarded $1M Grant to Build New Subdivision in Beloit

In an effort to provide more quality housing to the region, the City of Beloit recently awarded a $1,000,000 New Market Rate Housing Grant to locally-owned Next Generation for the construction of its 42-acre Creek Woods Subdivision project.

“We are thrilled to see Next Generation, our newest GBEDC Investor, move forward with this exciting new residential community in the heart of Greater Beloit,” said Drew Pennington, President/CEO of GBEDC.

Funds from several Tax Incremental Financing (TIF) Districts were used to fund the New Market Rate Housing grant, which provides gap financing to residential developers for the construction of infrastructure, including water mains, sewer mains, electric & natural gas lines, sidewalks, and roadways. The grant, designed to encourage the building of attainably-priced, new-market housing to help improve the City’s existing stock of residential properties and grow the tax base.

“Without TIF, this exciting project to bring a multitude of residential housing to Beloit would likely not occur,” said Next Generation Managing Principal Zachary Knutson in the grant application.

Bridging the Gap

Back in 2021, GBEDC commissioned a Housing Demand Analysis, a detailed report funded primarily by its partners at Beloit 200 and completed by Stantec, renowned for its sustainable engineering, architecture, and environmental consulting.

The report discovered that 14,445 people who work in the Beloit area live elsewhere, with 15,840 people living in Beloit but working elsewhere. Conversely, only 6,206 people live and work in the Beloit area, emphasizing an urgent need for additional housing.

To answer the demand, the report recommended that a mix of housing be built through 2027, including:

• Single Family - 500 Units
• Duplex/Townhome - 200 Units
• Market Rate General Occupancy - 400 Units
• Market Rate Senior - 100 Units
• Rent Restricted Affordable - 150 Units

Creek Woods Project 

A total of five applicants completed a full City of Beloit TIF application prior to the March 31, 2025 deadline. City staff evaluated all of the applications before recommending full funding of Next Generation’s Creek Woods project, which will add 138 units to a 42-acre site along Murphy Woods and Creek Road. The parcel is located in the Beloit Turner School District.

The Enclave at Creek Woods will be built on the western half of the property and contain approximately 46 single-family home sites and 6 duplex units featuring mature trees in the yards. Price estimates range from $325,000 for a duplex home and $415,000 to $450,000 for a single-family.

The Meadows at Creek Woods will occupy the eastern half of the neighborhood, which will feature a central park and 40 maintenance-free townhomes estimated to range from $270,000 to $285,000, as well as 46 single-family homes estimated to range from $325,000 to $355,000.

For more information about this project and the TIF grant, please contact us!