Quantcast Pixel
Skip to Main Content

Gate City Bank announces $2 million investment for home improvements in Moorhead in 2018

MOORHEAD, MN - Low-interest Neighborhood Impact Program loan funds available now through October 31, 2018 to make major home improvements! Gate City Bank is once again 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 making a difference in Moorhead, and we know there is more demand for it. There were 50 Moorhead homes improved under the program last year, and we are so excited that Gate City Bank is continuing the program to offer even more residents opportunities to improve their homes and neighborhoods."

"Serving our customers and connecting with our communities is the cornerstone of Gate City Bank's mission," said Kevin Hanson, Gate City Bank Chief Operating Officer. "We are privileged to continue to work with the City of Moorhead to help build a better way of life for our friends and neighbors in the Moorhead community."

The Neighborhood Impact Program was most recently made available by Gate City Bank to Moorhead residents in 2017, when 50 property owners made a total of $1.5 million in investments under the program in one construction season. Improvements included safety repairs, energy and accessibility improvements, patio and garage additions, and more. More than 100 Moorhead homeowners also participated in Gate City Bank Neighborhood Impact Program loans to make home improvements in 2005 and 2006.

More about the Moorhead Neighborhood Impact Program:
Loan Terms

  • 3.25% fixed interest (3.26% 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 (two-unit residences must comply with rental registration)
  • 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 $2.1 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 west central Minnesota and employs 625 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 - 2017 by Prairie Business. Additional information is available at gatecitybank.com.
Questions? For additional information, please contact the City of Moorhead Neighborhood Services Division.

*Terms and conditions may apply. A $25,000 home equity loan at 3.25% interest rate for 120 monthly payments of $244.30 will have a 3.26% APR.

Read More Articles

Read More About Community Partnerships