Community Disaster Loan Equity Act of 2005 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to make community disaster loans to state governments. Eliminates the $5 million limit on such a loan, and prohibits the President from requiring its repayment, if the state or local government receiving it may suffer a substantial loss of tax and other revenues as a result of a major disaster determined to be an incident of national significance.
Applies this Act to any major disaster occurring on or after August 24, 2005.