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City of Moorhead and Gate City Bank announce $2 million investment in loan program

Post Date:04/02/2021 12:35 pm

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 conducted with the benefit of inspection services from the City of Moorhead to assist homeowners to identify needed repairs and conduct major improvement projects on older homes.

Mayor Shelly Carlson said, “The Neighborhood Impact Program is great for Moorhead residents and our whole community. Home improvements keep our housing stock in good condition and our neighborhoods strong. The City of Moorhead thanks Gate City for the partnership and this significant investment. I am excited to see people have this great opportunity to improve their homes.”

“Creating a better way of life for our customers, communities and fellow team members is at the heart of who Gate City Bank is,” said Jeana Marshall, Vice President of Personal Lending Operations. “We’re very excited to see where these local partnerships can benefit homeowners and communities alike.”

The Neighborhood Impact Program was originally made available by Gate City Bank to Moorhead residents in 2005; since then, more than 145 homeowners have taken advantage of the low interest loans to make home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:

Loan terms 

  • Rates as low as 2.26% APR*
  • Repayable over 10 or 15 year term
  • 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.
  • Home/Property:
    • Built before 2006
    • 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. Terms and conditions may apply.

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 more than 250,000 hours of team volunteering to over 1,000 charities 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. Member FDIC. Equal Housing Lender.


For additional information, please email the City of Moorhead at or call 218.299.5434.  

*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.

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