FirstService Residential Launches $10 Million Recovery Fund for Properties Damaged by Hurricane Ian
Residential property management leader is making short-term, emergency loans immediately available for its managed communities to begin repairs
DANIA BEACH, Fla. (September 29, 2022) – FirstService Residential, North America’s leading property management company, announced the immediate availability of $10 million in emergency loans to aid its managed communities across several states that receive damage from Hurricane Ian.
The short-term loans will be available at the request of association boards to provide access to immediate capital and begin common area repairs while waiting for insurance claims to be realized.
“Nothing is more important to us than the safety and well-being of the families and residents in the communities that we serve. That’s why we are harnessing our scale and financial resources to help restore communities and get people back in their homes as quickly as possible,” said David Diestel, chief executive officer for FirstService Residential.
The $10 million recovery fund will be administered by FirstService Financial, an affiliate of FirstService Residential, and is available to affected properties immediately.
“Our teams have been working diligently to help our communities access support before, during, and after the storm,” said Robert G. Smith, president, South Region, FirstService Residential. “This recovery fund allows our communities to make emergency repairs without having to wait for the completion of the insurance claims process. We are committed to leveraging our extensive resources across the South and FirstService Financial programs to support communities when they need it most.”
FirstService Residential first established this 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 deployed after other natural disasters impacting communities in the United States and Canada.
Association board members should contact their property manager directly to request recovery fund assistance and obtain further information.