Mandan awarded $2 million from Gate City Bank for Neighborhood Revitalization Program
MANDAN, N.D. (KFYR) - Renovating your older home can be tricky, not to mention expensive. The City of Mandan and Gate City Bank are looking to help people in the community make those repairs possible.
These trees are bearing new leaves, but the neighborhood houses they surround are much older and some need repairs. Now there is a program to help with those renovations.
”From a city standpoint, it is critical to ensure that living in a core neighborhood, older homes is something that is sustainable and approachable for all sorts residents,” said Mandan City Planner Andrew Stromme.
The city accepted two million dollars from Gate City Bank for the Neighborhood Revitalization Program, a low-interest loan project aimed at helping renovate homes in the community. Qualified homeowners can take $10,000 to $100,000 loans out.
”Making improvements that are maybe a little bit trickier to do in the rising rate environment that we are in. So, the cost of the program is as low as 3.01 percent APR, which is considerably below the current market rates that you’ll see,” said Gate City Bank Senior Mortgage Loan Officer Jake Fisketjon.
Fisketjon says as families move into new developments, existing houses can become neglected. That’s where the Revitalization Program comes in.
”It really gives them an option to not have to pursue new housing and new financing, but really just reestablish where they are and rebuild their homes,” said Fisketjon.
The loans can only be used for certain projects, such as window, roof, siding and foundation repairs. Decks can also be installed, along with landscaping and mechanical system updates.
Some qualifications for the loan are that homes must be over 40 years old, not in the flood plain, not manufactured homes and within the boundaries of north of the Heart River and south of I-94.
Applications for the program are now open and the deadline is October 31. To find more details, click here.
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