The 2019 Neighborhood Revitalization Initiative (NRI) Housing Program application period is now open and will allow more owners of older homes in Fargo to improve their properties. The 2019 NRI Program is made possible through a new $2 million loan pool investment by Gate City Bank.
“Gate City Bank believes in providing a better way of life for our customers, communities and team members, and the Neighborhood Revitalization Initiative aligns closely with that,” said Kim Settel, Executive Vice President of Retail Banking & Lending. “We are privileged to continue to work with The City of Fargo to help invest in the Fargo community.”
The following are important details of the program:
- Interest rate as low as 4.30% APR*
- Repayable over 10 or 15 year term
- 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
This year, the City is introducing streamlined activities to increase the speed of the projects. “We encourage homeowners to discover how this program can help make their dreams a reality,” said Mayor Tim Mahoney. “Since 2003, this program has helped hundreds of Fargo homeowners improve their properties and the resulting improvements have had a profound effect on Fargo’s neighborhoods. Strong neighborhoods truly build strong communities.”
The deadline to apply is October 31, 2019. For more information, visit FargoND.gov/NRI.