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 as low as 2.361%.*
*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 (the deadline to apply for the NRI program is October 31, 2020)
- Submit contractor quotes
- Close on loan
- Complete project within 4 months of closing