By John Gunkelman, Dakota Construction of Fargo, Inc., Home Builders Association of Fargo-Moorhead
Photos special to Design & Living Magazine
Nurture a thriving, innovative and diverse housing industry in our community.
I have some great news for those of you looking to start the remodel project you have been dreaming about. Our local cities have incentives to help qualified homeowners! Even more great news: it’s almost Red River Valley Home & Garden Show time, which means you can start planning to fix up your home. There is no other place to meet hundreds of home improvement and building industry professionals in person under one roof.
For those of you looking to remodel, here is a quick rundown of programs in the metro area:
Moorhead and Dilworth
- Moorhead offers interest-free loans of up to $20,000 through its Community Development Block Grant Home Rehabilitation Program for income-qualified residents.
- Both Moorhead and Dilworth offer the Minnesota Fix Up Fund, through which households earning $125,900 or less may borrow up to $50,000 and repay the loan with fixed monthly payments over 10 to 20 years.
- Dilworth has a housing rehabilitation program available through Clay County Housing & Redevelopment Authority for income-qualified owner-occupied homes to receive grants to rehabilitate their houses.
Fargo and West Fargo
- Fargo has a five-year tax exemption on any value added through remodeling to residential properties over 40 years old. If a property is between 25 and 40 years old, it is eligible for a three-year exemption on remodeling and additions. Through its Housing Rehabilitation Program, Fargo has loans and grants available for rehab work on single-family, owner-occupied homes.
In addition, Fargo has incentives to encourage housing investment in its downtown and surrounding neighborhoods. There are assistance opportunities for low interest loans through the Neighborhood Revitalization Initiative program and tax incentives for the Renaissance Zone. Some incentive are based on household income, and others have no income restrictions.
- West Fargo offers a five-year remodeling tax exemption on any added value on residential property at least 25 years old with a $25,000 increase in true and full value. A project that adds less than $25,000 in value is eligible for an exemption up to three years.
West Fargo’s Renaissance Zone encompasses a 20-block area primarily located on Sheyenne St., Center Street and Main Ave. corridors. Residential properties included in this area are eligible for property tax exemptions through the city and approved projects can apply for state income tax exemptions.
For those of you wishing to purchase a newly built home, there are incentives for you, too!
Save up to $4,000 on your property tax bill when you buy a newly built home in Fargo or West Fargo. Get a two-year property tax rebate on newly built homes in Dilworth and Moorhead: on a $250,000 home, this is a value of $5,700 over the two-year period. For details, contact your city.
Remember, the Home & Garden Show is almost here: Feb. 22-24 at the Fargodome! Plan to maximize your time, get out and stretch your legs and explore all the options for building a home, improving your home or beautifying your yard. Next month’s column will outline the great workshops and kids’ activities you can expect to see at the show.
John Gunkelman is current Home Builders Association of F-M president. He owns Dakota Construction of Fargo, Inc., specializing in custom homes, commercial remodeling and residential remodeling.
HOME BUILDERS ASSOCIATION OF FM
Home Builders Care of Fargo-Moorhead Foundation provides a positive outlet for the housing industry to give back to the community, building a framework for the future.