MOORHEAD — The city of Moorhead and Gate City Bank have launched the Neighborhood Impact Program to provide low-interest loans to help homeowners in the city reinvest in the properties.
The loans, which range in value from $10,000 to $75,000 and have annual interest rates starting at 2.26%, are conducted with the benefit of inspection services from the city to help homeowners identify necessary repairs and make improvements to older homes.
“The Neighborhood Impact Program is great for Moorhead residents and our whole community,” Moorhead Mayor Shelly Carlson said via news release. “Home improvements keep our housing stock in good condition and our neighborhoods strong.”
Since it began in 2005, more than 145 homeowners have participated in the Neighborhood Impact Program, a news release stated.
The loans are repayable over a 10- or 15-year term and may be used to make code and structural corrections, energy improvements or general property improvements.
Among other requirements, the home must have been built before 2006, lie outside of the 100-year flood plain, be zoned for residential use and have an assessed value of less than $250,000.
For further details, email neighborhood.services@cityofmoorhead.com or call 218-299-5434.
Read More: Moorhead launches Neighborhood Impact Program with Gate City Bank