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Building & Housing Update
City of Moorhead and Gate City Bank announce $2 million investment in loan program
Gate City Bank is working together with the City of Moorhead to keep Moorhead's mature neighborhoods strong and to help local homeowners reinvest in their homes by providing the Neighborhood Impact Program. The low-interest loans are combined with inspection services from the City of Moorhead to assist homeowners to identify needed repairs and conduct major improvement projects on older homes.
Mayor Williams stated, "This program is a very meaningful investment in Moorhead. In addition to making homes more livable for the homeowners, the Neighborhood Impact Program makes our existing neighborhoods stronger, preserving the character of the housing that has helped to make Moorhead the best small city in America. We thank Gate City Bank so much."
"Serving our customers and connecting with our communities is the cornerstone of Gate City Bank's mission," said Kevin Hanson, Gate City Bank Executive Vice President & Director of Lending. "We are privileged to continue to work with the City of Moorhead to help build a better quality of life for our friends and neighbors in the Moorhead community."
The Neighborhood Impact Program was previously made available by Gate City Bank to Moorhead residents in 2005; more than 100 homeowners took advantage of the low interest loans to make home improvements. Improvements ranged from safety repairs like furnace replacements and accessibility improvements, to patio additions and new garages.
More about the Moorhead Neighborhood Impact Program
- 2.25% fixed interest (2.26% APR*)
- Repayable over 10 years
- Minimum loan value $10,000; maximum loan $75,000
- Maximum loan-to-value 90% (GCB valuation guidelines)
Eligible Improvement Costs
Neighborhood Impact Program 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.
The project must include at least one of the following:
- Foundation work (drain tile, bracing, new foundation)
- Major exterior improvements (siding, roofing, windows)
- Addition of bedroom or living space
- Major interior remodeling or replacement of major mechanical systems (furnace, electrical system)
- Conversion of rental unit to owner-occupied home
How do I qualify?
- Applicants: Loan applicants must be the owner-occupant of the home and meet Gate City's credit standards for repayment of the improvement loan.
- Built before 1990
- Located within the City of Moorhead municipal boundaries
- Zoned for residential use
- Outside of the 100-year flood plain
- Assessed value under $250,000
- Owner-occupied one or two-unit residences (if there is a second unit, it must be a registered rental unit)
- Current on property taxes and special assessments
Applications are reviewed on a first-come, first-served basis as funds are available.
About Gate City Bank:
A $1.9 billion mutual community bank, Gate City Bank has been providing banking services to its customers since 1923. Gate City Bank has 36 convenient banking offices across North Dakota and western Minnesota and employs 610 people. In addition to being the number one mortgage lender in North Dakota with locally approved, financed, and serviced home loans, Gate City Bank was named one of the "50 Best Places to Work" in 2014, 2015, and 2016 by Prairie Business. Additional information is available at gatecitybank.com.
For additional information, please contact the City of Moorhead Neighborhood Services Division.
*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 2.26% APR.