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City of Fergus Falls and Gate City Bank announce $1,000,000 Investment in Housing Program

Gate City Bank is working together with the City of Fergus Falls to keep the Fergus Falls 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 Fergus Falls to assist homeowners to identify needed repairs and make major improvement projects on older homes.

Mayor Schierer stated, “The Neighborhood Impact Program will make a meaningful investment in our community. Homeowners taking advantage of the program will get financial assistance with deferred maintenance issues in their homes to make them more livable. When people take pride in their neighborhood, it makes our entire community stronger and preserves the character of the housing in our community. We truly appreciate the program that Gate City Bank has offered our community.”

"Serving our customers and connecting with our communities is the cornerstone of Gate City Bank's mission," said Kim Settel, Executive Vice President of Retail Banking & Lending at Gate City Bank. "We are privileged to continue to work with the City to help build a better quality of life for our friends and neighbors in the Fergus Falls community."


More about the Fergus Falls Neighborhood Impact Program

Loan Terms

  • 3.96% APR*
  • Repayable over 10 or 15 years
  • Minimum loan value $10,000; maximum loan $50,000

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 new 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 applicant 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 1995
    • Located within the City of Fergus Falls 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 $2.2 billion mutual community bank, Gate City Bank has 38 locations across 19 communities in North Dakota and west central Minnesota. Employing 664 team members, Gate City Bank is committed to making lives better by investing in its team members and the communities it serves. In addition to being North Dakota’s number one mortgage lender, Gate City Bank has also been named one of the “50 Best Places to Work” since 2014 by Prairie Business. Additional information is available at gatecity.bank.


For additional information, please contact the City of Fergus Falls Community Development Department by email or phone 218-332-5459.

*Terms and conditions may apply. A $25,000 home equity loan at 3.95% interest rate for 120 monthly payments of $252.52 will have a 3.96% APR.

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