(Fargo, ND) — Funds are available for homeowners in the F-M metro to refurbish core neighborhood residences.
Gate City Bank is contributing $2 million dollars in loans for residents of Fargo to use towards refurbishing their homes through the Neighborhood Revitalization Initiative (NRI). It is a program that has been in operation since 2003, and has steadily grown in use since that time. However, there are some restrictions placed on what homes can apply for those loans.
- Homes must be 40 years or older.
- Residences must be occupied by their owners.
- The assessed value of homes must be less than $275,000.
- Participating homes must be located within the NRI boundary.
“We truly appreciate Gate City Bank for this outstanding partnership that has helped hundreds of homeowners repair and renovate their properties,” said Fargo Mayor Tim Mahoney in a statement.”Year after year, this program drives investment in Fargo’s core neighborhoods, which are integral to the city’s past, present and future. Through this innovative public-private initiative, we are diligently working together to enhance our neighborhoods and strengthen our community.”
West Fargo and Moorhead are also beneficiaries of similar programs with similar restrictions tied to Gate City Bank. Residents can apply for the NRI loans by speaking to their respective city governments. Loans range in size between $10,000 and $100,000 and have annual percentage rates of 5.16%.
“We’re excited to continue growing this local partnership with The City of Fargo, which is greatly benefiting homeowners and neighborhoods,” said Norm Clark, the SVP of Gate City Bank in Fargo, Moorhead, and West Fargo.
