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TAMPA, Fla. (WFLA) — Like FEMA, the deadline to use for assist from the SBA catastrophe mortgage has been prolonged, the U.S. Small Enterprise Administration introduced Monday.
For these affected by both Hurricane Helene or Milton, the SBA catastrophe mortgage deadline is now Jan. 7, 2025.
The administration stated it has been receiving the identical query again and again from neighborhood conferences: “Can SBA loans be used to assist me elevate my house?”
The reply is sure, catastrophe loans can be utilized, however just for code-required upgrades for these whose houses are being affected by the 50 % Rule.
What’s the 50 % Rule?
The 50 p.c rule states that any mixture of restore, reconstruction, rehabilitation, addition, or different enchancment to a constructing with a price over 50 p.c of its market worth is taken into account “substantial injury.”
Which means if your private home repairs meet this threshold following the hurricanes that impacted Florida this yr, you should use an SBA catastrophe mortgage to raise your private home, bringing the house above the bottom flood elevation.
Debtors may add 20 p.c of their verified loss quantity for mitigation, which can be used for elevation.
For these will extra questions, the administration stated residents can come into any FEMA Catastrophe Restoration Middle or SBA heart for assist with catastrophe loans.
An inventory of SBA facilities in Florida may be discovered on the SBA website.
