The Protect Our Homes Act establishes a program for the Small Business Administration to provide supplemental disaster loans to homeowner.
The Protect Our Homes Act amends the Small Business Act to create a Residential Common Area Repair Loan program. This program allows the Small Business Administration to offer loans to homeowner associations for repairing residential common areas damaged by disasters and for implementing measures to protect against future disasters. The loans can be used for repairs to areas like common hallways, parking lots, and other shared spaces in residential communities. The act also sets limits on loan amounts and interest rates, and it excludes the need for collateral for loans of $14,000 or less.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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