Gate City Bank and City of Fargo partner to revitalize historic neighborhoods with NRI program
Fargo, North Dakota – The City of Fargo, in partnership with Gate City Bank, is making a significant impact on the community through the Neighborhood Revitalization Initiative (NRI). This initiative, bolstered by a $2 million contribution from Gate City Bank, is aimed at rejuvenating the city’s mature neighborhoods by providing homeowners with low-interest loans for property repairs and improvements.
A Commitment to Community Enhancement
The NRI program has been a cornerstone of Fargo’s strategy to invest in its core neighborhoods, which Mayor Tim Mahoney emphasizes as crucial to the city’s heritage and future. This public-private collaboration has been in place since 2003, with Gate City Bank contributing a total of $104 million to support community development across its operational footprint. The initiative enables qualifying homeowners to undertake a wide range of updates, from enhancing home accessibility to adding new garages and updating patios, thereby improving the overall quality and appeal of the neighborhoods.
Jeana Marshall, Gate City Bank’s Vice President of Personal Lending Operations, expressed the bank’s dedication to the communities it serves, highlighting the ongoing partnership with the City of Fargo as a key driver for neighborhood and homeowner benefits. This commitment underscores the bank’s vision for a sustained, beautiful community environment.
Program Details and Application Process
The NRI offers financial assistance for a variety of improvement projects, including structural corrections, energy efficiency upgrades, and general property enhancements. To qualify for the program, homes must be at least 40 years old, owner-occupied, valued at less than $275,000, and located within the designated NRI boundary. The initiative operates on a first-come, first-served basis, ensuring timely access to funds for applicants.
Prospective participants have until October 31, 2024, to apply for a loan under this initiative. This opportunity not only supports individual homeowners in maintaining and enhancing their properties but also plays a vital role in the broader goal of strengthening Fargo’s community fabric. For more details on the NRI and the application process, interested homeowners are encouraged to visit FargoND.gov/NRI.
