Rental Homes for Future Homebuyers Program
Waiting list status: OPEN
The Rental Homes for Future Homebuyers Program helps families save money to buy a home, while renting one of 21 single-family homes in Bloomington. When accepted to the program, the HRA will save a portion of the family's rent each month to use as a down payment when they buy a home. Participants must be willing to enter into a five-year contract to identify the goals they need to complete to become a homeowner.
All families must have at least three and not more than six family members. Qualified families must also earn at least $25,980 per year and have good credit and rental histories. Families must be able to pay the minimum rent and utilities of approximately $1,104 per month. In addition, the HRA will review any criminal records and verify that all household members have citizenship or eligible immigration status.
The HRA is currently accepting applications to be placed on the Rental Homes waiting list. Each year, about three to five new families enter the program.