A Florida bank has developed a new loan program specifically targeted for condo building retrofitting and resiliency efforts in response to damaging climate effects.
Florida’s tropical climate, ocean proximity, and propensity for severe weather storms all take a toll on the structural integrity of condo buildings. The resulting effects, such as saltwater corrosion, rising sea levels, and storm surges, naturally wear down condominium infrastructure.
Additionally, as any building ages, its ability to withstand climate-related damage decreases significantly. In Miami-Dade County alone, nearly two-thirds of condominium buildings were built over 30 years ago, thus requiring higher levels of structural maintenance.
As condo buildings near the 40-year recertification mark, their associations should consider what retrofits are necessary to protect their buildings from climate-related damage.
Once completed, the new loan program aims to assist condo associations in financing storm hardening improvements, such as upgrading exterior metals to withstand saltwater corrosion. The program will also encourage condo buildings to perform eco-friendly repairs, such as installation of solar roof panels, to address the source of the climate crisis by reducing carbon emissions.
American Banker, One bank’s response to climate change: Financing condo retrofits (Oct. 8, 2021, 11:09 AM) https://www.americanbanker.com/news/one-banks-response-to-climate-change-financing-condo-retrofits
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