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NRI PowerPoint Presentation

NRI

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NRI

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  1. NRI Neighborhood Revitalization Initiative

  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 • Also available at our office: City of Fargo Planning & Community Development 200 3rd 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.comdmahli@cityoffargo.com