Protect Our Homes Act

Key Points

• The Small Business Administration would create a new loan program specifically for homeowner associations to fix common areas like pools, clubhouses, and shared roads damaged by natural disasters.
• Homeowner associations could borrow up to $500,000 to repair damage from wind, water, or fire, or to pay for upgrades that protect the property from future disasters.
• These loans are meant for communities that have already reached their limit on standard disaster loans but still need more money to finish repairs or protect against the next storm.
• The loans would have low interest rates and could last up to 30 years, helping neighborhoods spread out the cost of expensive disaster recovery over a long period of time.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.