A new two-bedroom ranch home with 1,177 square feet is for sale in Bloomington for $205,000.
That’s over $100,000 less than the median price of homes recently sold in the city. The home is available for such a low price because it is part of the Summit Hill Community Land Trust, which means the land on which the house sits isn't being sold with the house.
“It’s homeownership, but it’s a slightly different model,” said Nathan Ferreira, director of real estate for the Bloomington Housing Authority, which helped create the land trust.
Income limits aim to give more people opportunity to buy
Potential buyers have to qualify by income: For example, a household of two people can buy the home only if they earn no more than $95,400. They also either have to have lived or worked in Bloomington for six months.
The home is at 1541 N. Breckenridge Road in a new neighborhood southeast of the intersection of Interstate 69 and the Ind. 45/46 Bypass. The home features two bathrooms, gray wood-grain flooring, a covered front porch and a back deck. The primary bedroom has an en-suite bathroom.
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