FARGO — The city of Fargo and Gate City Bank have announced a $2 million investment in the city's Neighborhood Revitalization Initiative program.
Gate City Bank began offering low-interest loans through the program in 2003. Funds may be used to address code and structural corrections, energy improvement and general property improvements. Loans are available for projects which haven't yet begun.
A similar program is available in Moorhead, as well.
"We are especially grateful for Gate City Bank for this tremendous partnership. With everything that has happened over the past year and the recent creation of Fargo's Core Neighborhoods Plan, we are always mindful of the partnerships needed as catalysts to make our neighborhoods thrive," Fargo Mayor Tim Mahoney said. "We know hundreds of homeowners have utilized this initiative since its inception in 2003 and are excited to once again provide the NRI program to our residents."
Projects must include foundation work, major exterior improvements, addition of bedroom or new living space, major interior remodeling, replacement of major mechanical systems and/or conversion of a rental unit to an owner-occupied home.
Loans are available for 10 or 15 years with annual rates starting at 2.59%. They are available to homeowners or an owner-occupied residence which is valued at less than $250,000. Homes must be located within program boundaries, and the maximum loan amount is $75,000.
Applications are reviewed on a first-come, first-served basis as funds are available. The deadline to apply is Oct. 31.
For further information, visit FargoND.gov/NRI.