Community Disaster Loan Act of 2005 - Authorizes the transfer of up to $300 million in certain disaster relief funds to the Disaster Assistance Direct Loan Program (DADLP) for the cost of direct loans authorized by the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the Act) to assist local governments in providing essential services. Authorizes the transfer, also, of up to $1 million of such funds to the DADLP for administrative expenses.
Amends the Act to eliminate the $5 million limit on the amount of any community disaster loans (but keep the limit of 25% of the local government annual operating budget for the fiscal year in which the major disaster occurs).
Repeals the requirement that repayment of all or part of any such loans be cancelled to the extent that the local government's revenues during the three fiscal years following the major disaster are insufficient to meet its operating budget. (Retains denial of such a government's eligibility for further assistance during any period in which it is in arrears on required repayment of such a loan.)
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