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