OBX Real Estate

For those Outer Banks homeowners interested in SBA loans to repair damage from Hurricane Irene.  Below is some information from the Outer Banks Chamber of Commerce, www,outerbankschamber.com.

Beach homes as rental properties

Owners of commercial or residential rental property are eligible for business loans for physical damage and (for eligible small business concerns and small agricultural cooperatives unable to obtain credit elsewhere) for economic injury disaster loans.  For disaster loan purposes, a qualified rental property is property used predominately for income production instead of the owner's recreation.  Generally, properties used by the owner for more than 14 days during the tax year would not qualify as true rentals.

Manufactured housing can be considered eligible residential rental property.

Condominiums

Individual unit owners are eligible to apply for the damages to their own units.  The loan classification (home or business) depends on whether the unit is owner-occupied as a primary residence or whether it is used for business purposes (such as a rental).  Units classified as secondary homes are ineligible

The condominium homeowner’s association is generally eligible to apply for damages to areas of common ownership, such as hallways, parking areas, sidewalks, driveways, grounds, pools, etc.

Other Associations

Other eligible associations include, but are not limited to, Planned Unit Developments (PUDs), Cooperative Associations (Co-ops), Road Associations, Water Associations, etc.