Fargo partners with Gate City Bank to offer low-interest home improvement loans – InForum

FARGO — Gate City Bank and the city of Fargo are offering $2 million in low-interest loans for home improvement projects as part of the Neighborhood Revitalization Initiative.

The program provides homeowners with low-interest loans to address qualifying property repairs and improvement projects. 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.

To qualify for the program:

  • Homes must be at least 40 years old.
  • 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 Neighborhood Revitalization Initiative boundary.

The program boundary is primarily east of Interstate 29 to the Red River between 32nd Avenue South and 40th Avenue Northwest.

The Neighborhood Revitalization Initiative Program is available for certain homes between Interstate 29 and the Red River from 40th Avenue Northwest to 32nd Avenue South.

Contributed / City of Fargo

“Year after year, this program drives investment in Fargo’s core neighborhoods, which are integral to the city’s past, present and future. Through this innovative public-private initiative, we are diligently working together to enhance our neighborhoods and strengthen our community,” Mayor Tim Mahoney said in a statement.

Applications are reviewed on a first-come, first-served basis as funds are available. The deadline to apply is Oct. 31.

Gate City Bank and Fargo first implement in the Neighborhood Revitalization Initiative project in 2003 and have since contributed $104 million in loans for the project.

“At Gate City Bank, we’re beyond thankful for the communities we call home, and we’re proud to invest in them so they remain beautiful for years to come,” said Jeana Marshall, Vice President of Personal Lending Operations in a statement.

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 as low as 5.16%.

In general, 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.

For more information, visit

FargoND.gov/NRI.

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