August 11, 2022

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World for Home.

Home loan revitalization program continues – InForum

WEST FARGO — A program that offers low interest loans for home improvement projects in the oldest West Fargo neighborhoods will return again in 2022.

The West Fargo City Commission and Gate City Bank entered into a similar partnership for the program Monday, April 4.

Gate City Bank will provide $2 million in loans to prospective home repair projects.

The program is specifically geared towards older neighborhoods, said Aaron Nelson, West Fargo planning and zoning director.

To be eligible for the loan, the project should include such things as energy improvements, health and safety code deficiency corrections, structural improvements, and general property improvements.

Homes must be owner occupied, single family homes valued at less than $250,000 and located north of Interstate 94 within West Fargo. Projects with costs that range from $10,000 to $75,000 are eligible for a 10-year loan at a 2.25% interest rate or a 15-year loan at a 3% interest rate.

The program helped fund 13 projects, injecting more than $280,000 in reinvestment of the city. It began in 2019. That year, there were nine applicants for about $265,000 in loans. In 2020, due to the COVID-19 pandemic, there were only three projects enrolled in the program, according to City Planner Malachi Petersen.

Brandi Haugen with Gate City Bank said with the interest rates on the rise and the COVID-19 pandemic lessening in 2022, they expect the number of loans to increase in 2022.