2024 Neighborhood Revitalization Program

2024 Neighborhood Revitalization Program

The 2024 Neighborhood Revitalization Program is back for it's 2nd year. The program offers assistance to foster the continued vibrancy of Mandan's core neighborhoods and empower homeowners to reinvest in their properties. The program establishes a means for homeowners to obtain low-interest home equity loans that are specifically intended to enhance and improve Mandan's current housing stock.

“I think it’s another tool in the toolbox to keep Mandan getting better and better every day, “ says Mayor Tim Helbling.

The Neighborhood Revitalization Initiative is a collaborative effort between the City of Mandan and Gate City Bank. This program is not limited to Mandan alone, as Gate City Bank extends its services to other cities in North Dakota and central Minnesota. It is important to note that the partnership with Gate City Bank is not exclusive, and the City is open to considering collaborations with other financial institutions for similar partner initiatives.

The City's role in the program is to receive and evaluate applications to ensure they meet the program criteria set by staff. Staff from various City departments will assist in reviewing applications and ensuring eligibility. Gate City Bank reviews loan requests, credit standards for issuance and repayment of loans, and approves eligible borrowers.

$2 Million in loans will be made available each year to eligible Mandan home owners starting at a 4.99% interest rate with 10 to 15 year terms. The minimum loan amount is $10,000 and maximum is $100,000.

Program Criteria. The home or property must meet all of the following criteria:

  • Located in city limits.
  • Zoned for residential use.
  • Outside of 100-year floodplain.
  • Owner-occupied 1 or 2 unit, single-family home.
  • Current on property taxes and special assessments.
  • The current assessed value is under $275,000.
  • Home at least 40 years old.

Eligible improvements include:

  • Foundation work (drain tile, bracing).
  • Major exterior improvements (siding, roofing, windows & garages*) *Garages must follow zoning regulations. Any garage requiring a variance would not be eligible for this program.
  • Addition of bedroom or new living space.
  • Major interior remodeling (kitchen, bathroom, etc.) or replacement of major mechanical systems (furnace, electrical system).
  • Landscaping, porch or decking addition or updates.
  • Retaining wall addition and updates.
  • Conversion of rental unit to owner-occupied.
  • Water and sewer upgrades.
  • Radon mitigation.

Application Period. The loan applicant must be the owner/occupant of the home and meet Gate City Bank's credit standard for repayment of the improvement loan. The application is available at NRI Program Application. Applications must be submitted to the Planning Department by Oct. 31, 2024.

For questions and more information, visit www.cityofmandan.com>neighborhoodrevitalization or call the Planning Department at 701-667-3225.