BISMARCK - The lion's share of $32.7 million released from the Rebuiders Loan Program to date has gone to help flood-impacted homeowners in the Minot area, according to the Bank of North Dakota.
The bank reported that as of Friday, 1,208 loans for $35.2 million had closed and homeowners had taken out $32.7 million to make home repairs. Another 271 loan applications remain in the pipeline. The application deadline was Sept. 30.
The Rebuilders Loan Program provides loans of up to $30,000 at 1 percent interest to homeowners living in the nine counties affected by flooding in 2011. Minot-area homeowners account for 1,345 loans, or 95 percent of the total that has closed or is pending closure. Bismarck and Mandan residents make up the remainder.
Of the 271 loan requests still active, 212 loans have been approved for $5.58 million and are awaiting closure. The bank is waiting for information or is reviewing another 59 loans for nearly $1.75 million.
If all outstanding applications ultimately result in loans, the bank will have approved 1,521 loans for more than $42.5 million. The 2011 Legislature appropriated up to $50 million for the program, of which $5 million was available for manufactured homes.
Mobile home loans account for 54 of the loans that have closed, or $1.2 million. Another 32 applications for mobile home loans are among that 212 approved but not yet closed and one is on hold for more information. If all end up approved, the bank will have granted 87 mobile home loans for more than $1.5 million.
There were 17 applications rejected and 25 applications canceled. Rejections typically have been for failure to meet eligibility, particularly instances in which repairs have been covered by flood insurance.