Deadline for Cheap North Dakota Flood Rebuilding Loans Looms

A low-interest loan fund set up by the North Dakota Legislature to help finance flood repairs is coming to an end.

The deadline for loan applications is Sept. 30. More than 1,400 applications were approved for nearly $40 million in loans through the state-owned Bank of North Dakota.

Bank President Eric Hardmeyer says there have been few applications in recent months. The Legislature set aside $50 million for loans.

Most requests came from Minot, where more than 4,000 homes were flooded last summer. The program offered $30,000 in loans at 1 percent interest.

Jessica Henderson was one of the borrowers. She says the loan provided a low-stress source of money for rebuilding. She was eight months pregnant when she and her husband got evacuated in August of last year.