b"Suncoast Review is the quarterlypublication of the SuncoastChapter of the CommunityAssociations Institute. For storyand photo submissions, pleasecontact the offices of SuncoastChapter CAI at 727.345.0165.www.SuncoastCAI.comStay connected with us onsocial media @SuncoastCAI SPRING 2021VOL. 15NO. 57Major Provisions In Relief LegislationAffecting Community Associations Loan OverviewLoans up to $2million with termsof up to 30 years,based on appli-cants financial cir-cumstances andeconomic injury.Loan interest rates capped at 2.75% fornon-profit organizations, such as communityassociations, and 3.75% fir businesses.Information and application link:www.caionline.org/SBA_EIDLHOUSING-RELATED PROVISIONSCredit ReportingCommunity associations reporting paymentinformation to credit bureaus (Experian,TransUnion, Equifax) are required to reportaccounts as current if the association offersHOMEOWNER ASSISTANCE FUND SMALL BUSINESS ADMINISTRATION an owner a flexible assessment paymentH.R. 1319 creates a Homeowner Assistance ECONOMIC INJURY DISASTER LOANplan (an accommodation) during theFund where homeowners association, con- The Federal governments SBA Economic COVID-19 national emergency.dominium association fees, or common Injury Disaster Loan (EIDL) provides long- The CARES Act defines an accommo-charges qualify as expenses that may be term, low-interest loans to stabilize nonprof- dation as a payment deferral, allowing par-paid from the fund. This marks the first it organizations (community associations) tial payments, delinquency forgiveness, ortime the federal government has elevated and small businesses experiencing a substan- other delinquency workout. If an associa-payment of community association assess- tial economic injury as a result of the tion offers an assessment accommodationment delinquencies to the same level as COVID-19 national emergency. The EIDL for homeowners, the association mustmortgage delinquencies in emergency is used for working capital necessary until report homeowner accounts as current.housing legislation. normal operations are resumed. EIDLs may If a homeowner had a delinquencyGovernors must notify the federal not fund expenses like payment of divi- prior to January 1, 2020, that portion ofgovernment their state will participate in dends and bonuses, expansions of facilities, the owner's assessment obligation maythe Homeowner Assistance Fund. Only retiring federal debt (except IRS obliga- continue to be reported as delinquent.those states electing to participate in tions), or relocation expenses. If the owner brings a pre-January 1, 2020,theHomeowner Assistance Fund during the CAI members that may be eligible to delinquent account current and receives45-day signup period will receive an alloca- apply include community associations an assessment accommodation from thetion to create state Homeowner Assistance (incorporated as non-profit), management association, the association must reportFund programs. companies, and association partners. the account as current. !"