Deadline looms for Rebuilders Loan Program
Minot and area property owners affected by the 2011 flood still looking to apply for assistance through North Dakota’s Rebuilders Loan Program will need to do so before the Sept. 30 deadline.
Property owners with qualifying expenses can receive up to $30,000. The loan can be used for materials and contractor labor for home clean-up and repair, appliances, water heaters, furnaces and air conditioners, winterizing and heating a home, septic tanks, tree removal expenses to improve safety, professional home-cleaning expenses and a down payment on another home in the same community if the new home was purchased post-flood.
Residents must have been approved for the full $30,000 under the Rebuilders Loan in order to apply for the Supplemental Rebuilders Loan program starting Oct. 1. The Supplemental Rebuilders Program offers an additional $20,000 to cover rebuilding expenses and will close on Dec. 31.
Rebuilders Loans are for homeowners living in their residences when the flood event began, residents of Federal Emergency Management Agency temporary housing units located in a community-approved group housing site or owners of residential rental properties damaged by flooding.
As of Sept. 13, the state had closed on 1,578 Rebuilders Loans. This number includes 77 mobile homes, 11 investment properties and 135 FEMA homes. Total dollars committed to date are $44.5 million.
Applications are being accepted at banks and credit unions in the region. For more information, view the fact sheets at (banknd.nd.gov) or call 1-800-472-2166.