So often the Kris Lindahl Team hears that the biggest obstacle standing in the way of homeownership is the large chunk of money needed for a down payment. The City of Bloomington, however, has a way to help tenants save and become homeowners.
It’s called the Rental Homes for Future Homebuyers Program and it just may be your ticket out of the rental rat race.
How it works
The Bloomington Housing and Redevelopment Authority (HRA) offers future homeowners a chance to rent one of 21 single-family homes in the city. Then, HRA takes part of your rent every month and sets it aside to build a down payment for homeownership.
Qualifying for the program depends on family size and income.
- Families must have between three and