Protect Our Homes Act - Prohibits a federal, state, or local governmental entity from using the power of eminent domain to take private property for economic development purposes unless the entity meets specified conditions, including that: (1) the property constitutes a significant public health or safety risk; (2) the entity has examined all reasonable alternatives to the taking; (3) the entity has provided notice of the taking and opportunity for public comment; (4) the entity has provided just compensation for the property; and (5) the entity has provided a process by which the affected community may petition to put the proposed development to a ballot initiative at the earliest practicable time.