FirstService Residential Establishes $5 Million Emergency Relief Fund to Repair Properties Damaged by Flooding
The fund, initially established at an amount of $5 million, will provide short-term loans up to $200,000 for condominium associations managed by FirstService Residential in Alberta, which have experienced significant damage and loss resulting from the flood. The Fund is designated for repairs to main buildings and common areas. The immediate cash assistance will be available to bridge working capital requirements to begin immediate restoration work including water extraction, mold remediation and generator rentals, as well as starting any necessary capital repairs while waiting for insurance claims to be realized.
The property damage caused by the recent flooding has been devastating, and in its wake has caused considerable hardship for many FirstService Residential property residents and their families. Properties were subjected to significant damage, including units and lobbies filled with several feet of water and debris; flooded parkades; submerged mechanical building systems and electrical switches; widespread flooding in basements and common areas; and, compromised fire safety systems. Our teams have been working diligently with first responders, contractors, insurance adjustors and affected boards and residents. The priority on all fronts is to get people back into their homes safely and as quickly as possible.
“As a result of this unprecedented event, we saw the need to take a leadership role in offering immediate relief to our clients,” said Roger Davies, President of FirstService Residential Alberta. “The safety and well-being of our residents for whom we are responsible was the overwhelming factor in establishing this Relief Fund.”
Board Members should contact their community manager directly to request relief assistance and obtain further information.
About FirstService Residential
FirstService Residential, previously known in Alberta as Condominium First Management Services Ltd., is a subsidiary of FirstService Corporation (NASDAQ: FSRV and TSX: FSV.TO), a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. As the largest residential property manager in North America, FirstService Residential oversees more than 6,000 properties and 1.5 million residential units across 19 U.S. states and three provinces in Canada. The company has more than 12,000 employees driving local market expertise and managing in excess of $6 billion in budgets. For more information, visit www.fsresidential.com.
About FirstService Corporation
FirstService Corporation is a global leader in the rapidly growing real estate services sector. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the top global players in commercial real estate; FirstService Residential, the largest manager of residential communities in North America; and Property Services, a leading North American provider of essential property services delivered through company-owned operations, franchise systems and contractor networks.
FirstService generates over US$2.3 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com.