Protect Our Homes Act
- Bill Number
- H.R. 9159
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Status
- Introduced
- Latest Action
- 2026-06-04: Referred to the House Committee on Small Business.
- Last Updated
- 2026-07-10T10:23:21Z
AI-Generated Summary
Purpose The legislation amends the Small Business Act to create a new program under which the Small Business Administration (SBA) can issue supplemental disaster loans to homeowner associations. These loans support repairs to shared residential areas damaged by disasters and measures to reduce future disaster risks.
Key Provisions
- Establishes the Residential Common Area Repair Loan program, allowing SBA to make loans directly or through participating banks on an immediate or guaranteed basis.
- Loans cover two categories: repairs to common areas after a disaster and mitigation steps in areas recently affected by disasters.
- Eligibility requires that the association has already reached the maximum allowed under existing SBA disaster loan rules.
- Loan limits are set at up to $2,000,000 for major local employers or $500,000 for others.
- Interest rates are tied to the average rate on U.S. Treasury obligations plus 0.25 percent.
- Loans may last up to 30 years, with possible deferral of payments similar to other SBA disaster loans.
- No collateral is required for loans of $14,000 or less.
- Funds may be used only for specified repairs or mitigation, not other purposes.
- Detailed definitions cover terms such as covered entities (homeowner associations), dwelling units, common areas, and recent disaster areas (including presidentially declared major disasters or state-certified economic injury areas).
Significant Changes to Existing Law The bill adds a new subsection (o) to Section 7 of the Small Business Act. This introduces a targeted loan category for homeowner associations managing shared residential spaces, which extends beyond the current disaster loan framework primarily aimed at small businesses, nonprofits, and individuals.
Potential Impacts
- On government agencies: The SBA would administer an additional loan program, potentially increasing workload for processing, oversight, and coordination with banks.
- On citizens: Homeowners in communities with homeowner associations could gain access to federal financing for shared repairs and protections not previously available through standard SBA channels.
- No direct effects on international relations are addressed in the legislation.
Main Stakeholders
- Homeowner associations and their member residents.
- The Small Business Administration.
- Participating banks and lending institutions.
- State governors (for certifying certain disaster areas).
- Communities in regions affected by natural disasters.
Notable Legal, Constitutional, or Political Implications The measure expands federal lending authority within existing SBA disaster programs without creating new regulatory mandates or altering constitutional powers. It relies on established disaster declaration processes under laws such as the Stafford Act and may require future appropriations to fund the loans.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Recent Actions
- 2026-06-04: Referred to the House Committee on Small Business.
- 2026-06-04: Introduced in House
- 2026-06-04: Introduced in House
Bill Versions
- Protect Our Homes Act — issued 2026-06-04 — PDF (9 pages)