Neighborhood Revitalization Initiative (NRI) Home Rehabilitation Loan Program Information
What Is It?
This Home Rehabilitation Loan Program encourages revitalization in older neighborhoods by providing existing homeowners with a low-interest loan for significant home improvements.
Why Should I Do It?
To get a low-interest loan, secured by a second mortgage. Loans can range from $10,000 to $100,000, and have repayment options of 10 or 15 years with an APR as low as 5.16%.*
*Please contact Gate City Bank for further details on repayment and APR.
Is My Home Eligible?
- Must be owner-occupied
- Must be located within the NRI Program boundary (the NRI Program boundary map can also be found on Page 5 of the application)
- Cannot be located in the 100 year floodplain
- Assessed value must be less than $275,000 (to check the total assessed value of your home, go to www.fargoparcels.com)
- Must be at least 40 years old
- Must require "significant" rehabilitation ($10,000 to $100,000)
- Proposed rehabilitation work must add to the long-term value and life of the property and neighborhood
What Type of Work is Eligible?
- Foundation work (drain tile, bracing)
- Siding, roofing, windows, or other major exterior upgrades
- Addition of bedroom or new living space
- Major interior remodeling (i.e., kitchen remodel, bathroom remodel)
- Replacement of major mechanical systems (furnace, electrical system, plumbing)
How Do I Begin?
- Develop a Scope of Work for the project
- Apply (applications will be accepted from March 18, 2024 to October 31, 2024)
- Submit contractor quotes
- Close on loan
- Complete project within 4 months of closing