N.D. flood loan program extended to mobile homes
The Legislature set aside $50 million for the program. It's intended to aid the rebuilding efforts of North Dakotans whose homes were damaged by flooding last year.By: Associated Press,
BISMARCK — A Bank of North Dakota flood rebuilding loan program has been extended to cover mobile homes.
The Legislature set aside $50 million for the program. It's intended to aid the rebuilding efforts of North Dakotans whose homes were damaged by flooding last year.
Bank senior vice president Bob Humann says $5 million in loans is now available for mobile homes. He says it's a way to help people get housing quickly.
Flooded mobile homes have to be replaced. The loan money can be used to put a down payment on a new mobile home or buy one outright.
Loans of up to $30,000 are available at 1 percent interest over 20 years. More than 500 loans have been approved so far, totaling $15.3 million.
Copyright 2012 The Associated Press.
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