Bloomington Housing and Redevelopment Authority
Home Ownership Assistance
1800 W Old Shakopee Rd, Bloomington, MN, 55431
(952) 563-8937
hra@BloomingtonMN.gov
https://www.bloomingtonmn.gov/hr/rental-homes-future-home-buyers-program
Service Details
Description
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Additional Information
The Rental Homes for Future Homebuyers Program helps save a portion of the families rent each month, which is placed in escrow, and used by the family toward a down payment to buy their own home.
While living in the rental home, families have access to assistance with setting goals and preparing to purchase and maintain their own home in the future.
All the houses are three-bedroom single family houses located throughout the City in Bloomington.
Features
-
Area Served by County
- Hennepin County
-
Housing Unit Types
- 3 or more bedroom unit
-
Payment
- Free / no cost to eligible clients
-
Specialization
- Family
- People with low income
Eligibility
* Families of 3 - 6 household members
* Income requirements
* Eligible citizenship or immigration status
* Willing to enter a 5-year contract to live in the rental house
* Able to pay rent and utilities without assistance
* Pass background check for credit, rental and criminal history
* No pets allowed
Application Instructions
Contact the office or download an application for the waiting list
* The waiting list is approximately 3-5 years long
Business Hours
8:00am - 4:30pm, Monday - Friday
Area Served
City of Bloomington
Websites
https://www.bloomingtonmn.gov/hr/rental-homes-future-home-buyers-program
https://www.bloomingtonmn.gov/hr/housing-and-redevelopment-authority-hra
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| General Information | (952) 563-8937 |
Last Update
9/19/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
-
BH-3500.3500Housing Down Payment Loans/Grants Definition
Programs that provide cash grants or loans for people who want to purchase or build a home and need all or a portion of the amount that is required to make a down payment on the home or property. Included are conventional loans, deferred loans (in which payments are deferred until the home is sold) and forgivable loans (in which all or a part of the loan is forgiven if the borrower resides in the home for a specified period of time).
-
BH-7000.8100Subsidized Home Acquisition Definition
Programs that make housing more readily available to middle or low-income individuals and families or other identified groups by offering lower priced or cooperative housing and/or affordable payment plans, arranging for interest or mortgage subsidies for people who qualify on the basis of income, or by providing mortgage-free homes, generally for designated populations.
-
YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.
-
YL-3300.6500Poverty Level Definition
People whose annual income is within the federal poverty level guidelines which vary according to family size and are revised annually.