BLOOMINGTON — The Bloomington Housing Authority (BHA) has acquired five local apartment communities from Hometown Property Group in a move to preserve and improve Bloomington’s existing housing stock. The properties were officially purchased on November 5 using proceeds from BHA’s General Revenue Bonds, Series 2026.
The acquisition encompasses approximately 924 apartment units across five communities:
- Summit Pointe
- Basswood
- Woodland Springs
- Kingston Manor
- Northcrest
Built between 1964 and 1989, several of the properties face physical and operational challenges. Current occupancy rates range from 69% to 94%, with properties contending with deferred maintenance, declining conditions, rental permit issues, and housing instability.
“This is not simply an acquisition of apartment buildings,” said Nathan Ferreira, Executive Director of the Bloomington Housing Authority. “It is an investment in the homes of hundreds of Bloomington households and in the long-term stability of our community.”
Rehabilitation and Property Management Plans
BHA, alongside development and asset management partner Lighthouse, has outlined an initial $10 million rehabilitation plan to address immediate repairs and boost occupancy. The work is expected to take two years, with 70% of the project targeted for completion in the first year—starting with interior improvements this winter. BHA and Lighthouse are also actively pursuing additional funding to expand the project’s scope.
Hayes Gibson Property Services has been selected to manage the properties. Resident meetings and transitional communications regarding property management and upcoming renovations are scheduled to begin this winter.
A New Financing Approach
The purchase represents a new strategy for BHA to preserve existing workforce housing while maintaining long-term community stewardship. The transaction was financed through BHA’s General Revenue Bonds, Series 2026, with professional support from Ice Miller LLP, financial advisor cfX, bond underwriter Colliers, and developer/asset manager Lighthouse.
“This transaction represents an evolution in how BHA approaches its mission,” Ferreira noted. “We know that vouchers and traditional housing programs are essential, but they are only part of the solution. Preserving existing housing, investing in properties, and creating long-term housing assets are also important tools for addressing Bloomington’s housing needs.”
Tenant Inquiries:
Residents and tenants with questions regarding the transition can contact Alex Jackiw at Hayes Gibson Property Services via phone at 812-876-5478 or by email at ajackiw@HayesGibson.com.
