More owners of older homes in Fargo will be able to improve their properties, made possible by a new investment by Gate City Bank. The Bank has created a new $2 million loan pool for the City of Fargo’s Neighborhood Revitalization Initative (NRI) Program.
“Serving our customers and connecting with our communities is the cornerstone of Gate City Bank’s mission,” said Kim Settel, Vice President of Personal Lending. “We are privileged to continue to work with The City of Fargo to help build a better way of life for our friends and neighbors in the Fargo community.”
The following are important details of the program:
- Interest rate of 3.59% APR*
- Available to homeowners of an owner-occupied residence that is 40 years or older
- Assessed value of the home must be less than $250,000
- Maximum loan amount is $75,000
Mayor Tim Mahoney said, “I am very pleased to see the continuation and improvement of the NRI program. Since 2003, this program has helped hundreds of Fargo homeowners improve their properties, and the resulting improvements have had a very positive effect on Fargo’s neighborhoods. Strong neighborhoods build strong communities.”
The deadline to apply is October 31, 2018. For more information, visit www.FargoND.gov/NRI.