The Rental Homes for Future Home Buyers program helps families save money to buy a house in the future. Eligible families of at least 3, but no more than 6 family members may apply for the program waiting list. The waiting list is approximately 3-5 years long.
Each year, the HRA accepts approximately 3 to 5 new families into the program. Those families accepted into the program will rent one of 21 houses owned by the Housing and Redevelopment Authority (HRA) for up to 5 years. All the HRA houses are three-bedroom single family houses located throughout the City in Bloomington.
To help families achieve their goal of buying a home, the tenant will pay rent and escrow. The HRA then saves the family’s escrow each month, and places it in a special interest bearing account. At the conclusion of their time in the HRA home, the saved (escrow) money is used by the family toward a down payment to buy their own home.
During their time in the HRA Home, the HRA works with families to set goals and prepares families to be ready to purchase and maintain their own home in the future.
To qualify, families must:
Have 3 to 6 members in their household;
Meet the income requirements (see table);
Be willing to enter into a 5-year contract to live in an HRA house;
Have the ability to pay rent and utilities of at least $1,200 per month without assistance;
Have eligible citizenship or immigration status;
Submit to background checks for credit, rental and criminal history. Households with poor credit or rental history or a criminal background may not be selected for the program; and