All,
The Federal Housing Finance Agency (FHFA) announced new enhanced radon testing requirements. For those who align with the randon standards, there will be additional required testing for multifamily properties with loan applications received after June 30, 2023.
The enhanced radon testing at Fannie and Freddie-backed multifamily properties, regardless of where the property is located (subject to some exceptions and deferrals), will include:
- Increasing the amount of required testing from 10% of ground floor units to 25% 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; and
- Providing additional guidance for lenders and environmental consultants on Fannie and Freddie’s radon standards. As part of such guidance, Fannie Mae and Freddie Mac will reinforce the need for compliance with state and local radon laws.
Although Clark County is exempt, given our risk category, please be advised in case you run into any challenges or problems in the lending process.
If you have any questions, contact Adam Russell with the Federal Housing Finance Agency:
