Firm-managed communities affected by the storm are eligible for short-term, streamlined loans to begin immediate repairs.
DANIA BEACH, Fla., September 6, 2019 /PRNewswire-PRWeb/ -- FirstService Residential, North America's leading property management company, announced the immediate availability of $10 million in emergency loans to aid its managed communities damaged by Hurricane Dorian. This is the seventh time in as many years that the company has made this level of storm recovery resources available.
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. Hundreds of managed properties across the affected regions were at risk for storm damage.
"The devastation from Dorian has left many communities overwhelmed with the recovery process, which is where we are stepping in to help," said Chuck Fallon, CEO of FirstService Residential. "With deep ties in every one of the states bearing Dorian's impact, we are committed to offering immediate relief and easing some of the financial burden. We will help communities pick up the pieces and get residents back to their homes as safely and quickly as possible."
The $10 million recovery fund will be administered by FirstService Financial, an affiliate of FirstService Residential, and is available to affected properties immediately. Association board members should contact their property manager directly to request relief assistance and obtain further information.
FirstService Residential initiated 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 applied after other major natural disasters, including the Alberta, Canada flooding of 2013, and Hurricanes Harvey, Irma, Michael and Florence.
About FirstService Residential: FirstService Residential is North America's property management leader, partnering with more than 8,500 communities across the U.S. and Canada. HOAs, community and condominium associations rely on our extensive experience, resources and local expertise to enhance their property values and their residents' lifestyles. Dedicated to making a difference, every day, we go above and beyond to deliver exceptional service.
FirstService Residential is a subsidiary of FirstService Corporation (FSV), a North American leader in the property services sector. Visit http://www.fsresidential.com.