FHFA Announces New Radon Testing Requirements for Multifamily Property Loan Applications
Clark Seif Clark provides radon and other indoor environmental quality testing and consulting services to protect building occupants and to help loan applicants comply with the new radon standards.
New standards requiring additional radon testing for multifamily properties with loan applications received after June 30, 2023 were announced earlier this year by the Federal Housing Finance Agency (FHFA). According to FHFA, the enhancements to Fannie Mae and Freddie Mac (the Enterprises) multifamily radon standards will help to ensure that properties with hazardous levels of radon are more accurately identified and properly mitigated.
Radon is a cancer-causing radioactive gas that has been found in homes and buildings all across the United States. It comes from the natural breakdown of uranium in soil, rock and water. The U.S. Environmental Protection Agency (EPA) reports that radon is the leading cause of lung cancer deaths among nonsmokers in America.
FHFA reported the enhancements to the radon standards will require testing at Enterprise-backed multifamily properties, regardless of where the property is located (subject to some exceptions and deferrals), in addition to:
· Increasing the amount of required testing from 10 percent of ground floor units to 25 percent of ground floor units
· Requiring an environmental professional to oversee radon testing
· Requiring the environmental professional or property representative to notify tenants of radon testing
· Providing additional guidance for lenders and environmental consultants on the Enterprises’ radon standards. As part of such guidance, the Enterprises will reinforce the need for compliance with state and local radon laws
“These new radon testing requirements are good news for renters across the country as the greatest risk of radon exposure occurs in the home for most people because that is where they spend the majority of their time,” said Franco Seif, President of Clark Seif Clark (CSC). “At CSC, our radon and IEQ professionals are available to conduct and oversee radon testing to identify exposure risks and to help loan applicants comply with the new multifamily radon standards that begin soon.”
To learn more about radon or other building science, environmental, health, and safety testing and consulting services, please visit www.csceng.com, email email@example.com or call (800) 807-1118.
About Clark Seif Clark
CSC was established in 1989 to help clients in both public and private sectors address indoor air quality, occupational, environmental, and health and safety (EH&S) issues. CSC is a leading provider of these services with multiple offices along the western seaboard and southwest. The company believes in science-based protocols and has a strong background in engineering, making them the preferred environmental consultants to industrial clients, healthcare facilities, architects, schools, builders, contractors, developers and real estate professionals.