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Rental Homes for Future Homebuyers Program

Waiting list status: OPEN

The Rental Homes for Future Home Buyers program helps families save money to buy a house in the future. Eligible families of 3-6 members may apply for the program waiting list. The waiting list is approximately 3-5 years long and each year 3 to 5 new families enter the program.

Families accepted into the program will rent one of 21 houses owned by the Housing and Redevelopment Authority (HRA). All the houses are three-bedroom single family houses located in Bloomington.

 To help achieve their goal, the HRA saves a portion of the families rent each month, which is placed in escrow, and after 5 years, is used by the family toward a down payment to buy their own home. During that 5 years, the HRA works with families to set goals and prepares families to be ready to purchase and maintain their own home.



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

· Not own any pets!

 
Size of Household 
Minimum
Annual Gross
Household
Income 
Maximum
Annual Gross
Household 
Income
3 Persons $30,000 $67,950
4 Persons $30,000 $75,500
5 Persons $30,000 $81,550
6 Persons $30,000 $87,600

Rental Homes for Future Homebuyers Application


 
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Rental Homes Living Room House