The City of Fargo is reminding residents of the upcoming deadline to apply for a low-interest loan to make home improvements and property repairs through the Neighborhood Revitalization Initiative (NRI). The application deadline is October 31, 2024.
The City of Fargo has partnered with Gate City Bank to make the NRI available to Fargo residents and help keep the community’s mature neighborhoods strong. Since 2003, Gate City Bank has contributed $104 million across the program’s footprint. Qualifying homeowners have used the low-interest loans to make updates that range from patio additions and new garages to furnace replacements and accessibility improvements.
Loans are available to finance new improvement projects not yet under construction and may be used for items such as structural corrections, energy upgrades and general property improvements. Other important details of the initiative include:
• Homes must be 40 years or older.
• Residences must be occupied by their owners.
• The assessed value of homes must be less than $275,000.
• Participating homes must be located within the NRI boundary.
Applications are reviewed on a first-come, first-served basis as funds are available. For more information, visit FargoND.gov/NRI.
Terms and conditions may apply. Loans can range from $10,000 to $100,000 and have repayment options of 10 or 15 years with an annual percentage rate (APR) as low as 5.16%.* Gate City Bank is an Equal Housing Lender. Member FDIC.
*A $50,000 home equity loan at a 4.98% interest rate for 120 monthly payments of $534.20 will have a 5.16% annual percentage rate.