FirstService Residential Establishes $10 Million Recovery Fund for Properties Damaged by Hurricane Florence
Short-term loans available immediately for managed communities in the Carolinas to begin repairs
DANIA BEACH, Fla. (September 17, 2018) – FirstService Residential, North America’s leading property management company, announced the immediate availability of $10 million in emergency loans to aid its managed communities in North Carolina and South Carolina damaged by Hurricane Florence.
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.
“As a national company with deep Carolina ties, we are in a position to offer immediate relief to our clients facing the aftermath of this catastrophic event,” said Michael Mendillo, East Region President for FirstService Residential. “The safety and well-being of the families and residents for whom we are responsible and getting them back in their homes are our top priorities.”
The $10 million recovery fund will be administered by FirstService Financial, an affiliate of FirstService Residential, and is available to eligible properties immediately.
FirstService Residential first established 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 Alberta, Canada flooding of 2013, and Hurricanes Harvey and Irma last year in Texas and Florida, respectively.
“In the face of such devastation, many homeowners and residents may be in shock at the overwhelming road to recovery ahead. They need to know that all is not lost and there is a way back,” said FirstService Residential CEO Chuck Fallon. “Launching this recovery fund and giving associations the financial means to start on that road right away is the right thing to do, and we’ll be with them every step of the way to help them get through this challenging time.”
Association board members should contact their property manager directly to request relief assistance and obtain further information.
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.