City of Mandan staff and leaders with a representative at Gate City Bank. | City of Mandan
City of Mandan staff and leaders with a representative at Gate City Bank. | City of Mandan
The City of Mandan has announced the launch of the 2025 Neighborhood Revitalization Initiative, in collaboration with Gate City Bank and Capital Credit Union. This initiative is designed to assist homeowners in reinvesting in their properties.
According to the city of Mandan, the Neighborhood Revitalization Initiative (NRI) aims to encourage homeowners in the city's core neighborhoods to reinvest in their properties and enhance housing quality. The program provides low-interest home equity loans for various home improvement projects. The City of Mandan is responsible for reviewing and evaluating applications to ensure they meet established criteria.
Gate City Bank has committed $2 million in loan funds for eligible homeowners, offering loans with an interest rate of 4.48% and terms ranging from 10 to 15 years. The minimum loan amount is set at $10,000, with a maximum of $100,000. Similarly, Capital Credit Union is providing $750,000 in loans at a 4.49% Annual Percentage Rate (APR), also with terms of 10 to 15 years and loan amounts ranging from $10,000 to $100,000. These loans will help homeowners address various improvement needs such as foundation repairs, exterior upgrades like roofing and siding, major interior renovations, landscaping, and more. Applications for the program are due by October 31, 2025.
To qualify for the NRI, properties must meet specific conditions: they must be located within Mandan's city limits, zoned for residential use, not within a 100-year floodplain; they must also be single-family homes or one- to two-unit owner-occupied residences with a current assessed value under $275,000. Additionally, homeowners must be current on property taxes and special assessments; the home must be at least 40 years old.
The city of Mandan's Planning Department oversees zoning and long-term planning activities to guide balanced growth. Its responsibilities include managing comprehensive plans, conducting corridor studies, reviewing development applications, providing technical support, and coordinating with other city departments and agencies. The department aims to support sustainable development and improve residents' quality of life.
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