NRI NeighborhoodRevitalizationInitiative
What is NRI? The Neighborhood Revitalization Initiative is a city housing program designed to: Revitalize older neighborhoods by improving housing Attract families to older neighborhoods Create more home ownership in older neighborhoods Stop the spiral of disinvestment that often surrounds “problem properties”
Why was the NRI created? Elementary school enrollments showed a decline in Fargo’s older neighborhoods City Commissioners approved the NRI as a way to demonstrate commitment to older neighborhoods “Strong neighborhoods make a strong community”
How is NRI funded? City allocated $1 million in 2001 to start the program as a revolving fund Later issued a $1.3 million bond to finance second year of projects Gate City Bank funded $2 million in 2003, with 3 more $2 million loan pools since then (total of $8 million)
Existing Rehab 3.5% loan for rehab $10,000 minimum to $50,000 maximum 10 year term Financed by Gate City Bank
Am I Eligible? No income ceilings Must be able to qualify for a loan In good standing with the City Property must be eligible
Property Eligibility Property must: Be located within the NRI area Be at least 40 years old Be assessed at under $175,000 Have at least 2 bedrooms when project complete
NRI Area
How do I apply? Fill out application Applications available online at: Also available at our office: City of Fargo Planning & Community Development rd Street North Fargo, ND 58102
Next Steps: Existing Rehab Contractor bids Walk-through of property Project approval by Planning Dept Loan approval by Gate City Bank Loan closing at Gate City Bank Second mortgage Checking account Land use restrictive agreement (LURA)
Start the Project! Up to 4 months to complete the work Submit payment requests to Planning Dept as work progresses Payments mailed directly to contractors Final inspection when finished
For More Information: City of Fargo, Planning & Community Development Department Dawn Mayo Dan Mahli