Neighborhood Revitalization Initiative (NRI) Existing Rehab Program
What Is It?
The Existing Rehab Program encourages revitalization in older neighborhoods by providing existing homeowners with a low-interest loan for significant home improvements.
What's the Incentive?
Low-interest second mortgage at 2.25% (2.59% APR) for home improvement projects of an owner-occupied property. Loans are repayable over a 10-year term and can range from $10,000 to $75,000.
Is my House Eligible?
- Must be owner-occupied
- Must be located within Fargo city limits
- Cannot be located in the 100 year floodplain
- Assessed value must be less than $250,000
- Must be at least 40 years old
- Must have a minimum of two legal bedrooms after the rehab work is complete
- Must require "significant" rehab ($10,000 to $75,000)
- Proposed rehab work must add to the long-term value and life of the property and neighborhood
How Do I Begin?
- Download the Home Improvement Loan Application and develop a scope of work for the project
- Submit completed application and scope of work to the Planning Department
- Develop the rehab project in conjunction with city staff
- Close on the loan
- Start rehab project