Gate City Bank Wahpeton Office Manager, Michael Turchin announced today that the bank will invest an additional $1,000,000 in the City of Wahpeton’s Home Improvement Partnership Program (HIPP). The funds will be used to encourage preservation of Wahpeton’s existing housing market by providing low-interest loans to homeowners for home improvement projects.
The new funds extend a partnership that began in 2005, and brings Gate City Bank’s total investment in the HIPP Program to $1,750,000. To date the funds have provided low-interest loans for Wahpeton homeowners to make major renovations or additions to their homes.
“Gate City Bank is privileged to continue to work with the City of Wahpeton to continue the success of the Home Improvement Partnership Program,” said Turchin. “As a mutual bank, Gate City Bank has the unique opportunity to make a difference by investing in the communities we serve. The additional $1,000,000 investment shows our continued commitment to the City of Wahpeton and its residents.”
The HIPP programs addresses housing safety issues, prevents deferred maintenance and property deterioration, preserves the character of older neighborhoods, and invests in the City’s affordable housing market.
“We are very excited to partner with Gate City Bank again on the Home Improvement Partnership Program,” said Jane Priebe, Economic Development Director, City of Wahpeton. “With the expanded Renaissance Zone and the city’s efforts on addressing deffered maintenance issues, now is the time for individuals to invest in their properties.”
Wahpeton homeowners of owner-occupied single family residences are invited to apply for a HIPP loan for home improvement projects including those that correct health and safety code deficiencies, structural improvements, weatherization and energy efficiency, accessibility, and general home improvements that preserve the integrity of the house and add to the long-term value and life of the property and neighborhood.
For more information on the HIPP loan, please contact the City of Wahpeton Economic Development at (701) 642-8559.
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 over 600 people. In addition to being the USDA top 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.