City of Moorhead and Gate City Bank announce $ 2m investment in loan program
(Moorhead, MN) – Gate City Bank is working with the City of Moorhead to keep mature Moorhead neighborhoods strong and to help local homeowners reinvest in their homes by delivering the Neighborhood Impact Program.
The Low Interest Loans are made with the benefit of the City of Moorhead Inspection Services to help homeowners identify needed repairs and carry out major improvement projects on older homes.
“The Neighborhood Impact Program is ideal for the residents of Moorhead and our entire community. Home improvements keep our housing stock in good condition and our neighborhoods strong. The Town of Moorhead thanks Gate City for its partnership and this important investment. I am delighted to see that people have this great opportunity to improve their homes, ”said incoming Mayor Shelly Carlson.
“Creating a better way of life for our clients, communities and other team members is at the heart of who Gate City Bank is,” said Jeana Marshall, vice president of personal loan operations. “We are very excited to see where these local partnerships can benefit homeowners and communities.”
The Neighborhood Impact Program was made available to Moorhead residents in 2005 by Gate City Bank; since then, more than 145 homeowners have taken advantage of low-interest loans to renovate their homes. The upgrades ranged from safety repairs such as furnace replacement and accessibility improvements to patio additions and new garages.
Learn more about the Moorhead Neighborhood Impact program:
- Rate as low as 2.26% APR *
- Refundable over 10 or 15 years
- Minimum loan value of $ 10,000; maximum loan $ 75,000
- 90% maximum loan-to-value (GCB valuation guidelines)
Eligible improvement costs
Neighborhood Impact Program funds can be used to correct codes and structural fixes, energy upgrades, and general property improvements. Loans are available to fund new improvements that are not yet under construction, and if there are any code fixes 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 (drains, bracing, new foundation)
- Major exterior improvements (siding, roofing, windows)
- Adding a bedroom or living space
- Major interior renovation or replacement of the main mechanical systems (furnace, electrical system)
- Converting rental accommodation to owner-occupied accommodation
How can I qualify?
- Applicants: Loan applicants must be the home owner and meet Gate City’s credit standards for repayment of the improvement loan.
- Home / Property:
- Built before 2006
- Located within the municipal limits of the town of Moorhead
- Zoned for residential use
- Outside the century-old floodplain
- Estimated value less than $ 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 become available.