FHFA Weighs in with New Radon Policy for Fannie Mae and Freddie Mac Backed Loans for Multi-Family Properties
Changes are on the way as additional radon policy requirements mandated by Federal Housing Finance Agency (FHFA) go into effect July 1, 2023.
According to the Agency, the enhancements were decided upon after extensive research and outreach, including a 2021 listening session with close to 500 industry stakeholders present. FHFA’s intention is to identify more properties with elevated radon levels and raise awareness of the dangers of prolonged exposer to the toxic gas.
Radon is a colorless, odorless, and tasteless gas that, while naturally occurring, is the second leading cause of lung cancer among non-smokers.
In a combined effort, GSEs will work with housing providers, radon industry stakeholders, and the Centers for Disease Control and Prevention to facilitate better data collection of radon testing for multifamily properties throughout the country.
As the largest provider of multifamily radon measurement and mitigation services in the county, Protect Environmental will provide a comprehensive review in a future webinar to assist lenders and other stakeholders in effectively navigating the GSEs radon policy. The date of the webinar, as well as registration details, will be announced in the coming weeks.