Protect Our Homes Act

This bill would create a Residential Common Area Repair Loan program within the Small Business Administration. Under the program, the agency could make loans to homeowner associations to repair shared common areas damaged by natural disasters, and to associations in areas hit by a disaster in the past five years to protect damaged property from future disasters. Loans would generally be capped at $500,000 per disaster, or up to $2,000,000 for borrowers that are a major source of jobs in a disaster area. Loans could last up to 30 years, would have an interest rate limit tied to federal borrowing costs, and loans of $14,000 or less would not require collateral.

Full text and official record on Congress.gov

Sponsors

• Darren Soto Democrat sponsor
• 2 cosponsors