FirstService Residential Adds $10 Million to Extend Emergency Loan Program to Florida and Georgia Properties Damaged by Hurricane Michael
The short-term loans will be available at the request of association boards to bridge working capital requirements and begin repairs while waiting for insurance claims to be realized.
“Having gone through Hurricanes Harvey, Irma and most recently Florence, we have witnessed the importance for associations to have immediate access to funds to quickly begin recovery efforts,” said FirstService Residential CEO Chuck Fallon. “The road to recovery for some communities may take time, but these emergency loans will kick-start the restoration process while our teams of dedicated associates provide the personal and hands-on support residents need to help get them safely back into their homes.”
The $10 million recovery fund will be administered by FirstService Financial, an affiliate of FirstService Residential, and is available to eligible properties immediately.
Association board members should contact their property manager directly to request relief assistance and obtain further information.
David Diestel, South Region President for FirstService Residential, added “While the Florida and Georgia residents we serve have more than their fair share of experience preparing for major weather events, the aftermath is unique to each community. This recovery fund gives us the power to minimize the disruption following the storm.”
FirstService Residential introduced a short-term loan emergency fund program in response to Hurricane Sandy’s impact on New York and New Jersey in 2012. It has subsequently been applied after other major natural disasters, including the 2013 Alberta, Canada floods, and Hurricanes Harvey and Irma last year in Texas and Florida, respectively.
About FirstService Residential
FirstService Residential is North America's largest manager of residential communities and the preferred partner of HOAs, community associations and strata corporations in the U.S. and Canada. FirstService Residential’s managed communities include low-, mid- and high-rise condominiums and cooperatives, single-family homes, master-planned, lifestyle and active adult communities, and rental and commercial properties.
With an unmatched combination of deep industry experience, local market expertise and personalized attention, FirstService Residential delivers proven solutions and exceptional service that add value, enhance lifestyles and make a difference, every day, for every resident and community it manages. FirstService Residential is a subsidiary of FirstService Corporation, a North American leader in the property services sector. For more information, visit www.fsresidential.com.