Beginning in 2006 the UAEDC Board and the City of Underwood decided to take an aggressive stand towards building prosperity in Underwood. This stand included the development of a number of different incentives available to both new and current residents and new and existing businesses. Chief among those incentives is the Renaissance Zone, which is governed by the Underwood Renaissance Zone Authority, a committee of dedicated and concerned citizens who approve all applications for consideration. Residents and businesses locating in the Renaissance Zone may be exempt from local property tax and state income taxes if approved by both the Renaissance Zone Authority and the State of North Dakota. View a map of Underwood's Renaissance Zone.
In 2009 the UAEDC Board and the City of Underwood continued its plan to build prosperity by establishing the Underwood Revitalization Program, the Underwood Down Payment Assistance Program, and the Underwood Main Street Program.
Underwood Revitalization Program
The Underwood Revitalization Program is a low-interest revolving loan fund offered by the City of Underwood and administered by the UAEDC to qualified small businesses. The Revitalization Program is funded by a Rural Business Enterprise Grant from the US Department of Agriculture, matched in part by dollars from the Underwood Sales and Use Tax Fund. Maximum loan amount is $20,000 under this program. Eligibility criteria and pre-application may be downloaded from the list below.
"In accordance with Federal law and the U.S. Department of Agriculture’s policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. (Not all prohibited bases apply to all programs.) To file a complaint of discrimination, write to: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call 800-795-3272 (voice) or 202-720-6381 (TDD)."
Underwood Down Payment Assistance Program
The Underwood Down Payment Assistance Program offers up to $5,000 in down payment assistance to qualified home buyers. This program is offered through the UAEDC using funds provided by the City of Underwood through its Sales and Use Tax Fund. Down payment assistance is provided as a grant from the UAEDC. Funding availability is limited. View a description of the Underwood Down Payment Assistance Program and application.
Underwood Main Street Program
The Underwood Main Street Program is a grant program administered by the UAEDC, using funds from the City of Underwood’s Sales and Use Tax Fund. The purpose of the program is to provide assistance to businesses desiring to update or refurbish the exteriors of their buildings. Maximum grant amount is $10,000 and requires a match in funds from the applicant. A description of the Underwood Main Street Program and application may be downloaded from the list below.