Multifamily Property Loan Applicants Face New Radon Testing Requirements
Zimmetry Environmental provides radon and other indoor environmental quality testing and consulting services to identify and mitigate exposure risks to protect building occupants and to help loan applicants comply with the new radon standards.
Back in January, the Federal Housing Finance Agency (FHFA) announced enhancements to Fannie Mae and Freddie Mac (the Enterprises) multifamily radon standards. The Enterprises’ aligned radon standards will require additional radon testing for multifamily properties with loan applications received after June 30, 2023.
According to FHFA, enhancements to 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
“Throughout Puerto Rico and across much of the rest of the United States, millions of people live in multifamily properties and have no idea if they are being exposed to elevated levels of radon,” said Harry Pena, President of Zimmetry Environmental. “The enhanced radon testing requirements announced by FHFA for loan applicants of multifamily properties is a significant step in the right direction. Testing identifies properties with issues so that radon mitigation techniques can be put in place to protect building occupants from this known lung cancer risk.”
Zimmetry Environmental offers indoor environmental quality (IEQ) testing and consulting services for radon and other airborne hazards in Puerto Rico and throughout the region. These services, from a licensed radon inspector, are available to loan applicants, property owners, renters, real estate professionals, facility managers and property management companies.
To learn more about Zimmetry Environmental and their radon, indoor air quality, industrial hygiene, and compliance testing and consulting services, please visit www.zimmetry.com, call (787) 995.0005 or email email@example.com.
About Zimmetry Environmental
Since 2002, Zimmetry Environmental has been providing environmental consulting services to building owners and managers, architects, engineers, EHS professionals and Fortune 500 companies. The company is based in Puerto Rico and provides services across the Caribbean and Central America. The professionals at Zimmetry offer environmental compliance, indoor air quality, asbestos, lead-based paint, Phase I ESAs and general environmental consulting services.
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