The city of Bismarck in partnership with Gate City Bank and Capital Credit Union has launched a program that provides low-interest loans to homeowners to help revitalize older housing.
The City Commission in February voted unanimously to support the Neighborhood Reinvestment Initiative, which does not require any city funds. The city will accept applications, check for eligibility and pass along qualifiers to the financial institutions, who will decide on loan approvals.
The program offers reduced-interest loans starting at 4.99% to homeowners for eligible home improvement projects. For the 2024 program year, Gate City is making $2 million in loans available, and Capital Credit Union $750,000 in loans. Individual loan amounts range from $10,000 to $100,000 and are available with 10- to 15-year terms.
“Encouraging reinvestment in the existing neighborhoods of Bismarck is an important goal in the city’s Comprehensive Plan,” Community Development Planning Manager Daniel Nairn said.
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Properties must be in city limits, at least 30 years old, valued at $250,000 or less, and owner-occupied upon project completion. Improvements must be in an eligible category. For more information go to bit.ly/3JlX2lm, or contact the Community Development Department by email at planning@bismarcknd.gov or by phone at 701-355-1840.
The application deadline is Oct. 31. The Gate City Bank application is at bit.ly/3Q1cyH4. The Capital Credit Union application is at bit.ly/3JeoOAm.
The city of Mandan has a similar partnership with Gate City. The program in that city is in its second year. The application deadline also is Oct. 31. For information go to bit.ly/4awWKnN.