Flood Recovery Help for Landlords - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Flood Recovery Help for Landlords

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A new program to help build new apartment units in Minot's valley could mean more choices for people wanting to rent.

The city has set aside about five million dollars for the project to offer a five-year loan that turns into a grant as long as landlords keep prices low.

City Finance Director Cindy Hemphill says the program targets property owners who have found it impossible to rebuild because of the high costs.

(Cindy Hemphill, Minot Finance Director) "It's basically a forgivable loan because if you stay with the program for five years, we'll reconstruct or rebuild for you at no cost. If you elect to get out of the program then you'll have to pay the money back before that time period. I believe we have $75,000 for a single family type unit, and if it's a duplex it's $75,000 for the first unit and then $50,000 for the next unit up to four units."

The rental rehabilitation and reconstruction program is taking applications now through the end of March.

After that, Hemphill says the hope is to get all the loans awarded by the end of the year.

Applications are available at the disaster recovery office in Arrowhead Shopping Center, or online at minotnd.org.

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