Rebuilder's Loan Deadline Looming - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Rebuilder's Loan Deadline Looming

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A rebuilders loan for flood victims is still up for grabs, but the application deadline is quickly approaching.

The loan is offered through the Bank of North Dakota and allows applicants to borrow up to 30-thousand dollars with a 1 percent interest rate.

Eligible applicants for the loan include a homeowner living in their residency, a resident of a FEMA housing unit located on an approved housing site, or an owner of a residential rental property damaged by the flood.

Prairie Federal Credit Union President, Steven Tonneson, says those who meet the requirements should apply soon in order to meet the September 30th deadline.

(Steve Tonneson, Prairie Federal Credit Union President)"Many financial institutions in this town are participating in this program, not just us. So we encourage people to go to who they're comfortable going to and they have just until the 30th to apply for the original 30,000."

After the deadline, a supplemental loan is available for up to 20-thousand dollars starting October 1st; however, applicants are only eligible if they accepted the previous rebuilders loan for the full 30-thousand dollars.

(Steve Tonneson, Prairie Federal Credit Union President)"For those who still have a need, and still have receipts that they weren't reimbursed for, a 1% loan is a very attractive loan rate."

Those without flood coverage for the 2011 flood still qualify for the rebuilders loan, however they are required to purchase flood insurance to receive the loan.

Applicants can apply at their local bank or credit union.

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