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The City of Fargo and Gate City Bank announce $2 million investment in NRI Housing Program

Fargo, ND – The 2019 Neighborhood Revitalization Initiative Housing Program application period is now open! Thanks to the investment by Gate City Bank, a low interest loan program makes it possible for owners of older homes in Fargo to make improvements to their properties. The City is excited to partner with Gate City Bank as they announce their new $2 million loan pool.

“Gate City Bank believes in providing a better way of life for our customers, communities and team members, and the Neighborhood Revitalization Initiative aligns closely with that,” said Kim Settel, Executive Vice President of Retail Banking & Lending. “We are privileged to continue to work with The City of Fargo to help invest in the Fargo community.”

The following are important details of the program:

  • Interest rate as low as 4.30% APR*
  • Repayable over 10 or 15 year term
  • Available to homeowners of an owner-occupied residence that is 40 years or older
  • Assessed value of the home must be less than $250,000
  • Maximum loan amount is $75,000

This year the City is introducing streamlined activities to increase the speed of the projects.  “We encourage home owners to discover how this program can help make their dreams a reality,” said Mayor, Tim Mahoney. Since 2003, this program has helped hundreds of Fargo homeowners improve their properties, and the resulting improvements have had a very positive effect on Fargo’s neighborhoods. Strong neighborhoods build strong communities.

The deadline to apply is October 31, 2019. For more information, visit FargoND.gov/NRI.

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.


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