Home Improvement Program in Collaboration with Gate City Bank

How it works

The City of Sauk Rapids says it partners with Gate City Bank to offer a Home Improvement Program for residents. The city describes it as a way to improve homes and neighborhood quality, while the application says completed applications are forwarded to Gate City Bank for loan approval.

What the money covers

The application says funds may be used for code corrections, structural corrections, energy improvements, and general property improvements. It also says loans are available for new improvements not yet under construction, and any code corrections found during inspection must be addressed as part of the project.

The application lists these types of work as eligible project categories:

• Electrical
• Plumbing
• Heating
• Foundation
• Roof
• Windows
• Doors
• Siding
• Garage
• Finish basement
• Addition
• Kitchen remodel
• Bath remodel
• Interior finishes
• Accessibility
• Landscaping/Deck
• Radon mitigation
• Other

Amounts and terms

The application states:

• Minimum loan: $10,000
• Maximum loan: $75,000
• Maximum loan-to-value: 90%
• 2.25% fixed interest, repaid over 10 years
• 3.00% fixed interest, repaid over 15 years

How to apply

Applicants submit the completed application to the City of Sauk Rapids HRA / Community Development Department. The city says approved borrowers must obtain any required building permits and pay associated fees through the City Building Inspections Department. After the work is completed, an inspection may be needed to close the permit.

Timing and deadlines

The current web page is still live, but the PDF application visible on the city site shows an old due date of October 31, 2021. The city page also says applications are typically accepted from April through October, based on city council minutes, but it does not publish a current open/close date on the program page.