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City of Fargo and Gate City Bank Extend Application Deadline for Home Improvement Program

The City of Fargo’s Neighborhood Revitalization Initiative (NRI) home rehabilitation loan deadline has been extended from June

08/01/2017

The City of Fargo’s Neighborhood Revitalization Initiative (NRI) home rehabilitation loan deadline has been extended from June 1, 2017 to October 1, 2017.

The current interest rate of 2.25% was established last fall with a new $2 million loan NRI pool provided by Gate City Bank. The rate was initially set to expire on June 1, but has now been extended until October 1. Homeowner response has been enthusiastic.

Since winter, more than 30 NRI home remodeling projects have been approved and are underway. These projects represent a collective investment of more than $1.3 million in Fargo neighborhoods. Another 45 NRI applications are submitted and pending approval.

“Serving our customers and connecting with our communities is the cornerstone of Gate City Bank’s mission,” said Kevin Hanson, Gate City Bank’s Director of Lending. “We are privileged to continue to work with the City of Fargo to help build a better quality of life for our friends and neighbors in the Fargo community.”

The following is a summary of the NRI home rehabilitation program:

  • Interest rate is 2.25%
  • Maximum loan amount is $75,000
  • Homes that are at least 40 years old are eligible city-wide
  • Assessed value limit of home is $250,000

Mayor Tim Mahoney says, “These home improvements to Fargo’s affordable owner-occupied housing stock have a positive effect on Fargo’s neighborhoods. We believe strong neighborhoods build a strong community.”

For more information, visit www.FargoND.gov/NRI.