The Rental Homes for Future Home Buyers program helps families save money to buy a house in the future. Each year, the Housing and Redevelopment Authority accepts approximately three to five new families into the program. Those families will rent one of 21 houses owned by the HRA for up to five years. All HRA homes are three-bedroom, single-family houses located in Bloomington.
To help families achieve their goal of buying a home, the tenant will pay rent and escrow. The escrow is placed in a special interest-bearing account. At the conclusion of the family’s time in the HRA home, the family uses the escrow toward a down payment to buy their own home. During a family’s time in the HRA home, the HRA works with them to set goals and prepare to purchase and maintain their own home in the future.
The Rental Homes for Future Homebuyers program began in 1992 with the specific HRA priorities to increase housing opportunities for low- and moderate-income people and preserve the existing housing inventory. Since its launch, 58 families that participated in the Rental Homes for Future Homebuyers program have purchased their own home. The Rental Homes for Future Homebuyers program has a waiting list that is now open for new applicants. For more information, visit blm.mn/rental or call 952-563-8937.