Climate First Bank to Finance Climate Adaptation for Condominiums

The specialized loan program will invest in sustainable and climate-resilient buildings

ST. PETERSBURG, Fla., Sept. 14, 2021 (GLOBE NEWSWIRE) -- Sustainable community bank Climate First Bank is in the early stages of developing a specialized loan program to finance the retrofitting and storm hardening of condominiums against increasingly volatile weather events caused by the climate crisis. The program will target vulnerable seaside communities of Florida where frequent storm surges, increased high tide flooding and severe hurricanes result in saltwater corrosion and other damages to condominium infrastructure. In addition, the program seeks to address the source of the climatic events by encouraging renovations for energy and water efficiency – effectively assisting condominiums to drawdown their harmful carbon dioxide emissions.

“Two-thirds of the condos in the Miami area are over 30 years old. In seven other Florida cities, around three-quarters of condos have hit that age,” said Climate First Bank Founder and CEO Ken LaRoe. “This is a massive issue and we’re looking to address both sides of the problem. Not only are these buildings extremely vulnerable to severe weather, but they’re also extremely inefficient. We want sustainability and adaptability of the structure to work hand in hand.”

LaRoe and Shareholder and Senior Advisor to the Board of Directors Gloria Romero Roses are working together to construct the program. With more than 30-years of real estate experience, Romero Roses began in community association management before branching out into real estate development, affordable housing and community redevelopment, luxury high-rise development, and finally assisted living management. Based in Miami, Romero Roses is holding focus groups with the building owners, property managers and condominium associations of Dade and Broward counties to assess needs and challenges to the underwriting process.

“The effects of rising seas, hotter temperatures and access to clean drinking water are becoming more pronounced challenges and I am enthusiastic about the opportunity to roll up my sleeves and meet the needs of the people in the state,” said Romero Roses. “As a proud shareholder in Climate First Bank, I believe we are going to give property owners, builders, developers and condominium association board members new tools to face the challenges and overcome them – our tomorrow depends on it.”

About Climate First Bank
Climate First Bank is a values-based community bank offering a complete, full-service portfolio of simple and easy-to-use traditional banking products. These products are powered by high technology to meet the expectations of today’s consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits and infrastructure to help combat the climate crisis. Member FDIC.

Media Contact
Ericka Rivera
Uproar PR for Climate First Bank
(407) 417-3598