Minot-area residents who hold Rebuilders Loans from the 2011 flood will be able to defer payments for six months.

The Bank of North Dakota and local financial institutions recently announced the deferral option, made available due to the economic difficulties associated with the coronavirus pandemic.

The 2011 Special Session of the North Dakota Legislature designated funds to help those driven from their homes because of spring flooding in North Dakota’s central corridor. The 2013 Legislature extended the program and added supplemental funds.

The state reports 1,349 families who took advantage of the home loan at a 1% interest rate and still owe balances are eligible for the payment deferral. The loans amount to $35 million, with 95% of the loans made in the Minot area and the balance in Bismarck and Mandan.

Rep. Scott Louser, R-Minot, a sponsor of the 2013 legislation, said he has been working with the bank on ways to assist residents during the pandemic. Loan deferral was identified as a way to help residents that does not require legislative action, he said.

“This is one of the many programs we could act on quickly,” Louser said. “I want people to know we are looking at all the options we can.”

He said the six months of deferred payments will be added to the end of the loan period. Borrowers who want to take advantage of the Rebuilders Loan deferment should contact their local lenders with whom they have the loans.

– Jill Schramm