The City of Bismarck is excited to launch the Neighborhood Reinvestment Initiative. This program is a partnership with Gate City Bank and Capital Credit Union to offer reduced-interest loans, starting at 4.99%, to homeowners for eligible home improvement projects. This program aims to revitalize older and potentially disinvested areas of the city through reinvestment in Bismarck’s existing housing stock.
“Encouraging reinvestment in the existing neighborhoods of Bismarck is an important goal in the City’s Comprehensive Plan,” says Community Development Planning Manager, Daniel Nairn. “The Neighborhood Reinvestment Initiative allows the City to partner with financial institutions to make this possible one home at a time.”
Applicants have the option to apply for a reduced-interest loan with either Gate City Bank or Capital Credit Union. For the 2024 program year, $2,000,000 in loans are available with Gate City Bank, and $750,000 in loans are available with Capital Credit Union. The loan amounts range between $10,000 to $100,000 and are available with 10-to-15-year terms.
The City reviews the applications to make sure they meet the program’s eligibility criteria. The financial institution evaluates the loan request and the borrower’s creditworthiness, and it will issue the loan if all criteria is met. The individual must be able to meet the financial institution’s credit standard for repayment of the improvement loan.
Applicants may be eligible for this program if:
- The property is located in Bismarck city limits.
- The home is at least 30 years old (built in 1993 or earlier).
- The property is valued at $250,000 or less.
- The home is owner-occupied upon project completion.
- The loan is between $10,000 and $100,000.
- The improvement(s) is in an eligible category.
Applications will be based on the time of application submittal and must be received by October 31, 2024. The Gate City Bank application is available online at or the Capital Credit Union application is available online.
For questions and more information, visit the Neighborhood Reinvestment Initiative page or contact the Community Development Department by email at or by phone at 701-355-1840.