Protect Our Homes Act

The Protect Our Homes Act creates a new loan program to help homeowners associations and similar residential communities repair common areas damaged by natural disasters or implement measures to prevent future damage. This initiative allows these organizations to borrow money from banks to cover costs for fixing water, wind, or fire damage to shared spaces like roofs and hallways, as well as to upgrade properties in areas recently affected by disasters. Loans are capped at $500,000 for most borrowers and up to $2 million for major employers in disaster zones, with interest rates tied to federal debt averages and terms lasting up to thirty years. The program also waives collateral requirements for smaller loans of $14,000 or less and permits borrowers to defer payments if they face financial hardship.