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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

Finished Rehab Projects