The United States Small Business Administration offers assistance to Jacksonville and St. Augustine condominium and homeowner associations in the Wake of Irma.
The SBA offers disaster loans to pay for disaster-related repairs. These loans can also be used to pay for deferred maintenance items or upgrades to the where such upgrades are required by the building code.
To apply contact Ansbacher Law, call the SBA (1-800-659-2955) or complete these forms:
- A completed Disaster Business Loan Application (SBA Form 5).
- A completed Tax Information Authorization (IRS Form 4506-T), and the latest nonprofit tax returns filed with the IRS, if available. If not available, copies of the latest operating budgets are required.
- A copy of all articles of incorporation, by-laws, and any other governing documents of the Association, including conditions, covenants, and restrictions (CC&Rs).
- A complete list of all owners and directors including their mailing address and the address of their disaster-damaged property, if different.
- Documentation of insurance coverage and a description of any litigation initiated due to the disaster.
Key points:
- Condominium and homeowner associations in most Florida counties including Duval, Flagler, Nassau, Volusia, Clay and St. Johns counties should be eligible.
- The loan amount is up to $2 million dollars. Any additional funds must be raised by special assessment.
- The loan may be used to cover shortfalls in reserves and for insurance deductibles.
- SBA disaster loans can be increased by up to 20% of the verified physical loss to pay for elective upgrades to prevent future disaster damage from a similar disaster, provided the total does not exceed $2 million.
