The bill would let the Small Business Administration offer supplemental disaster loans to eligible homeowner associations. Associations could use repair loans to fix or replace shared residential areas damaged by a natural disaster or act of God. Associations in recently affected disaster areas could also seek loans for measures to protect damaged property from future disasters. Loan amounts would be subject to limits, interest rates could not exceed a set formula, and repayment periods could last up to 30 years.
If you live in a community with an eligible homeowner association, the association could seek a loan to repair shared areas or protect damaged property from future disasters. The bill does not provide loans directly to individual homeowners.
The text does not state total program costs or provide a funding amount. It sets loan limits and interest-rate terms. No publicly available information is provided about other expenses.
No publicly available information.
No publicly available information.