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Neighborhood Revitalization Initiative (NRI) Home Rehabilitation Loan Program Information

What Is It?

The 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 $75,000, and have repayment options of 10 or 15 years with an APR of 1.99%.*

*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 (see NRI Program boundary map on Page 5 of the application)
  • Cannot be located in the 100 year floodplain
  • Assessed value must be less than $250,000
  • Must be at least 40 years old
  • Must require "significant" rehabilitation ($10,000 to $75,000)
  • Proposed rehabilitation work must add to the long-term value and life of the property and neighborhood

How Do I Begin?

  • Develop a Scope of Work for the project (E.g., windows, doors, roofing, siding, etc.)
  • Apply
  • Submit contractor quotes
  • Close on loan
  • Complete project within 4 months of closing

Finished Rehab Projects