Gate City Bank
04/09/2021 | Press release | Distributed by Public on 04/09/2021 10:41
City of Fargo and Gate City Bank Announce $2 Million Investment in Neighborhood Revitalization Initiative
April 9, 2021
FARGO, ND - Gate City Bank is partnering with the City of Fargo to keep Fargo's mature neighborhoods fresh, and to help local homeowners reinvest in their homes by providing the Neighborhood Revitalization Initiative (NRI). This initiative features low-interest loans that help local homeowners identify needed repairs and conduct major improvement projects on older homes.
'We encourage homeowners to discover how this program can help make their dreams a reality,' said Mayor Tim Mahoney. 'This program has helped hundreds of Fargo homeowners improve their properties, and the resulting improvements have had a profound effect on Fargo's neighborhoods. Strong neighborhoods build strong communities.'
The NRI was originally made available by Gate City Bank to Fargo residents in 2003. Since then, homeowners have taken advantage of the low-interest loans to make home improvements, which range from safety repairs like furnace replacements and accessibility improvements to patio additions and new garages.
'Creating a better way of life for our customers, communities and fellow team members is at the core of who Gate City Bank is,' said Jeana Marshall, Vice President of Personal Lending Operations. 'We're very excited to see where this continued partnership with the City of Fargo can benefit homeowners and the community alike.'
NRI funds may 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.
Important details of the initiative include:*
- Repayment options of 10 or 15 years with an APR as low as 2.59%
- Available to homeowners of an owner-occupied residence that is 40 years or older
- Assessed value of the home must be less than $250,000
- Homes must be located within the NRI boundary
Applications are reviewed on a first-come, first-served basis as funds are available.
For additional information, please contact Nicole Crutchfield with the City of Fargo at Planning at FargoND dot gov, or by calling 701-297-7782. The deadline to apply is October 31, 2021. For more information, visit FargoND.gov/NRI.
About Gate City Bank
A $2.8 billion mutual bank founded in 1923, Gate City Bank is the region's leading financial institution, as well as the #1 mortgage lender in North Dakota. The Bank employs more than 735 team members at 43 locations in 22 communities across North Dakota and central Minnesota. The Bank believes in creating a better way of life for customers, communities and team members, and it has contributed $30.6 million in philanthropic giving and 250,000 hours of team volunteering since 2003. Additionally, Gate City Bank has been named one of the '50 Best Places to Work' seven years in a row by Prairie Business magazine.
*Terms and conditions may apply. A $25,000 home equity loan at 2.25% interest rate for 120 monthly payments of $232.84 will have a 2.59% annual percentage rate.