Moorhead Launches Neighborhood Impact Program with Gate City Bank
MOORHEAD – The town of moorhead and Gate City Bank launched the Neighborhood Impact Program to provide low-interest loans to help city owners reinvest in properties.
The loans, ranging in value from $ 10,000 to $ 75,000 and with annual interest rates starting at 2.26%, are made with the benefit of the city’s inspection services to help homeowners identify potential problems. needed repairs and improvements to older homes.
“The Neighborhood Impact Program is ideal for the residents of Moorhead and our entire community,” said Moorhead Mayor Shelly Carlson said via a press release. “Home improvements keep our housing stock in good shape and our neighborhoods strong.”
Since its inception in 2005, more than 145 homeowners have participated in the Neighborhood Impact program, according to a press release.
Loans are repayable over 10 or 15 years and can be used to make code and structural corrections, energy improvements, or general property improvements.
Among other requirements, the house must have been built before 2006, be outside the 100-year-old floodplain, be zoned for residential purposes, and have an assessed value of less than $ 250,000.
For details, email [email protected] or call 218-299-5434.