New Program Helps Repair Rental Flood Damages - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

New Program Helps Repair Rental Flood Damages

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Help is on the way for rental property owners who were affected by the 2011 Mouse River Flood.

Minot has developed a new program that will provide forgivable loans to affected rental property owners to repair and rebuild structures damaged during the flood. 

The maximum loan amount rental property owners can quality for is $75,000 for a single family home, and another $50,000 for each additional living unit in a duplex, tri-plex or four-plex.  In exchange for the full forgiveness of the loan, owners must lease their properties to eligible low to moderate income households at affordable rates. 

"We lost quite a few apartment units during the flood, and this will put more back online, available to individuals. There's been a lot of apartments built in Minot, but not all of them I believe would be considered affordable. This is what we're really trying to target here is affordable, for those individuals that need a place to be able to afford to live," said Cindy Hemphill, Minot City finance director.

Properties must be located outside the City's 100 year flood plain and flood control footprint to be eligible for a loan. Those properties must also meet current zoning laws and may contain up to four living units. 

Rental property owners looking for more information on the new program can call 701-837-5813.

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