Gate City Bank allocates $2 million for East Grand Forks home improvement program

Gate City Bank representatives told the East Grand Forks City Council on March 4, 2025, that the bank has allocated $2,000,000 for a 2025 home improvement program available to eligible homeowners within the city.

The presentation, given by Gate City Bank staff, said the program aims to help revitalize mature neighborhoods by offering below-market-rate financing for repairs and upgrades. "At Gate City Bank, our core purpose is to create a better way of life for our communities, our team members, and, our customers," a Gate City Bank senior vice president said.

The bank outlined eligibility and project rules selected by the city: the property must be inside East Grand Forks municipal boundaries, zoned residential, outside the 100-year flood plain, owner-occupied (single-family, attached or detached) and current on property taxes and special assessments. The bank said the current assessed property value must be less than $400,000.

Qualifying projects listed by the presenters include patio additions, new garages, safety repairs such as furnace replacement and energy-efficiency improvements. In response to a council question, a Gate City Bank representative said windows and doors are eligible as energy improvements.

The presenters said homeowners will apply for approval through the city; once a project is approved by the city, the bank will handle loan approval for the customer. "I am really proud to announce that for the 2025 year, we have allocated $2,000,000 for the city of East Grand Forks," a Gate City Bank senior vice president said during the presentation.

City officials asked the bank to promote the program locally; the bank agreed to share program information on its social channels and the city confirmed staff will link program details on the city website. Council member Dale Helms asked whether the program is specific to East Grand Forks or shared with nearby Grand Forks; the bank said Grand Forks has a separate program and the $2,000,000 allocation is for East Grand Forks residents only.

Gate City Bank representatives and city staff discussed taking a commemorative photo and performing a ceremonial check exchange at the meeting.

The bank said two projects had used the program in the prior year and encouraged broader community uptake this year. The city will accept applications per the program rules and refer approved projects to Gate City Bank for loan processing.

Information about application steps and contact points will be posted on the city website and shared on Gate City Bank social media as the city and bank coordinate outreach.