Rental Homes for Future Home Buyers Program

The Rental Homes for Future Home Buyers program supports families on their path toward homeownership. Families with at least 3, but not more than 6 members are eligible to apply.

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 homes 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
• Have a total household income between 60-80% of Area Median Income (AMI)
• Be willing to enter into a 5-year contract to live in an HRA house
• Have the ability to pay rent and utilities 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

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