NEW CONSTRUCTION OPPORTUNITIES PROGRAM

City of East Grand Forks
Contact: James S. Richter (218) 773-2371
Description: Deferred loan maximum of five thousand ($5,000.00) dollars to any household that buys or builds a newly constructed single family home, townhouse, or condo in East Grand Forks.
Eligible Applicants: All households (East Grand Forks and non-East Grand Forks)
Qualifications: There is no limit on the price of the new home, townhouse or condo.
Income Limits: There are no household income limits. However, non-East Grand Forks households will be required to document the amount of their annual household income.
Finance Terms: The deferred loan maximum of five thousand ($5,000.00) dollars is forgiven after ten (10) years, unless the applicant sells, transfers or ceases to live in the property during the ten (10) year period of the Agreement.

Note:   If these requirements are not met, full repayment of the principal is required. Deferred loans are without interest.

Required Information/Documentation:

  • Application

  • The most recent income tax statement or verification of household income if the household is a non-East Grand Forks household.
  • Purchase Agreement for a new home, townhouse or condo or an Agreement with a contractor to build a new home, townhouse or condo.
  • Loan approval documentation, if applicable.