FARGO — The city of Fargo and Gate City Bank announced Friday a $2 million investment in the Neighborhood Revitalization Initiative (NRI).
The NRI program has been available to Fargo residents since 2003, allowing homeowners to take out low-interest loans to make home improvements. The latest investment is available until Oct. 31, 2020.
NRI funds may be used to address code and structural corrections, energy improvements and general property improvements. Loans are available to finance new improvements not yet under construction. A project must include at least one of the following:
- Foundation work
- Major exterior improvements
- Addition of bedroom or new living space
- Major interior remodeling
- Replacement of major mechanical systems
- Conversion of rental unit to owner-occupied home
Repayment periods are available for 10 or 15 years with an annual percentage rate as low as 2.361%. It is available to homeowners of an owner-occupied residence that is 40 years or older and with an appraised value of less than $250,000. Homes must be within NRI boundaries and the maximum value of the loan is $75,000.