The city is planning to continue its neighborhood revitalization programs that allow homeowners north of Interstate 94, to take out a low-interest loan from Gate City Bank to remodel their property.
The city entered a partnership with Gate City Bank in 2019, when the bank set aside about $1 million in loan funds.
Monday, May 4, the City Commission voted to continue the program after Gate City Bank representatives said they plan to invest about $2 million for the new round of loans.
Last year, West Fargoans applied for and received about half of the million dollars in funds for remodeling projects.
“We were very pleased, normally when we launch a program we don't use even half the funds,” Gate City Representatives said.
The program allows a 10 year loan for 2.25 percent interest or a 15-year-loan for 3 percent interest. The first payment must be received within 6 months of the loan’s payout.
The minimum loan amount is $10,000 while the maximum loan is $75,000.
Homes must have an assessed value lower than $250,000 and must be outside of the 100-year The Neighborhood Revitalization Program funds can be used to address code and structural corrections, energy improvements and general property improvements. Loans are available to finance new improvements not yet under construction, and if there are code corrections identified during the inspection, they must be addressed as part of the project. Projects must include at least one major exterior improvement, foundation work; addition of a bedroom or living space or a major interior remodeling such or replacement of a major mechanical system such as a furnace or electrical system; or conversion of rental unit to owner-occupied home.
To apply or for more information, visit https://www.westfargond.gov/894/Neighborhood-Revitalization-Program.