Loan program popular with flooded North Dakota homeownersMINOT, N.D. (AP) — North Dakota homeowners who were flooded two years ago are seeking about $3.6 million in loans from a state program that began taking applications Oct. 1.
MINOT, N.D. (AP) — North Dakota homeowners who were flooded two years ago are seeking about $3.6 million in loans from a state program that began taking applications Oct. 1.
The state-owned Bank of North Dakota reports it has received 182 applications in the Supplemental Rebuilders Loan Program, which offers low-interest loans of up to $20,000 to homeowners who previously received loans from the original Rebuilders Loan Fund, which stopped taking applications Sept. 30.
The original loan limit was $30,000, at 1 percent interest over 20 years. The supplemental loan assistance will help cover homeowners' costs that exceeded initial damage assessments, Bank of North Dakota President Eric Hardmeyer said.
Homeowners who received the original loans have until Dec. 31 to apply for a supplemental loan, according to the Minot Daily News. To be eligible, homeowners must be living in their residences that were damaged by Souris River and Missouri River flooding in 2011 in Barnes, Benson, Burleigh, McHenry, Morton, Ramsey, Renville, Richland or Ward counties.
The state Legislature approved $55 million for the loans. Through Nov. 15, the original and supplemental programs have closed, approved or are in the process of reviewing 1,840 applications totaling more than $49.3 million.
"This has been a very successful program," Hardmeyer said.