ALTA Member Company Helps Facilitate Affordable Housing Deals in Indiana

ALTA member company TitlePlus! will handle transactions of low-income homebuyers purchasing single-family homes from a non-profit corporation established by the City of Bloomington, Ind.

Morrie Erickson, owner and president of TitlePlus!, said the project consists of about 50 lots. The homes will be prefabricated at a manufacturing facility and assembled on the lots, making the cost and delivery time predictable.

Eligibility will be based on a formula that considers the appraised value and a buyer’s income. The city will own each lot and lease them to buyers, who will own the improvements—including the residence—on the lot, according to Erickson. 

The buyer will be required to maintain the property to a certain standard or the city or its nonprofit may intervene.

“If the buyer wishes to sell, the city will have a right-of-first-refusal or option to purchase so it can convey the residence to a qualified buyer on a waiting list who will receive an assignment of the leasehold and a deed to the improvements,” Erickson said.

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