1. NRI NeighborhoodRevitalizationInitiative

2. 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”

3. 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”

4. 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)

5. Existing Rehab  3.5% loan for rehab  $10,000 minimum to $50,000 maximum  10 year term  Financed by Gate City Bank

6. Am I Eligible?  No income ceilings  Must be able to qualify for a loan  In good standing with the City  Property must be eligible

7. 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

8. NRI Area

9. How do I apply?  Fill out application  Applications available online at: www.cityoffargo.com/planning www.cityoffargo.com/planning  Also available at our office: City of Fargo Planning & Community Development 200 3 rd Street North Fargo, ND 58102

10. 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)

11. 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

12. For More Information: City of Fargo, Planning & Community Development Department Dawn Mayo Dan Mahli 476-4137 476-4144 dmayo@cityoffargo.comdmayo@cityoffargo.com dmahli@cityoffargo.com dmahli@cityoffargo.com dmayo@cityoffargo.comdmahli@cityoffargo.com