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House bill would treat condos like homes
Thousands of condominiums and housing cooperatives that were damaged when Sandy struck the East Coast last year learned – after the fact – that they were not eligible for money grants from the Federal Emergency Management Agency (FEMA). Unlike single-family homes, which can get both grants and loans, community associations are considered “business associations” and are only entitled to loans. As we all know, loans have to be repaid; grants do not.