The Institute of Real Estate Management (IREM) announced in a June 3 press release that the organization’s IREM Foundation has established a COVID-19 Relief Fund to support real estate managers and their local communities affected by the pandemic. According to the group, through a grant of $25,000, IREM chapters were invited to create their own relief funds for matching donations from the IREM Foundation. The IREM Foundation will match donations to chapters, up to $1,000 per chapter.
“Since the launch of the relief fund on May 5, IREM chapters around the globe have created their own local funds and are in the process of accepting donations,” the statement continued. “IREM chapters can determine how donations will be distributed, with many focusing on giving back to local businesses and the communities at large.”
With unemployment and income loss at historic highs and pushing many residents into financial distress -- including arrears on common charges and maintenance fees -- condo, HOA and co-op boards across the country have been grappling with how to balance compassion for individual constituents with their own fiduciary duty to the community as a whole. Recognizing this challenge, local IREM chapters have donated funds to not only support an array charitable efforts to combat homelessness and food scarcity, but have also established dues relief programs for members who may have lost their jobs. Participating chapters include Greater New York, Las Vegas, Chicago, and many others -- even as far away as South Africa.
“The IREM community across the globe never fails to come together in times of crisis,” says IREM Foundation President Julie L. Scott. “Our goal with the COVID-19 Relief Fund is to equip real estate managers with the support and resources they need to serve their communities. We’re very proud of the work our chapters are doing to help us all get through this together.”
“Western Washington was the epicenter of the pandemic outbreak in the U.S. Our teams have been fighting this since day one. We give annually to organizations which support people along the homelessness spectrum and felt that partnering with the IREM Foundation was a perfect fit,” comments Drew Hicks, CPM®, Chapter President, IREM Western Washington. “It allows us to make an even bigger impact and gives our members a vehicle to give back.”