Fannie Mae and Freddie Mac Radon Compliance
Florida’s Leading Radon Testing & Mitigation Professionals
Located in Jacksonville, Florida, Radon Professional Services provides expert radon testing, mitigation, and consulting services throughout the Southeast U.S. We are nationally recognized as a primary laboratory with the National Radon Proficiency Program. Our staff members have met the rigid requirements to be listed with the NRPP/Radon Measurement Proficiency Program for testing and/or the Radon Mitigation Proficiency Program for radon abatement, and are well trained to provide testing services that comply with the established radon testing protocols required by Fannie Mae, Freddie Mac, HUD, United States military as well as many other professional organizations and government agencies.
Fannie Mae & Freddie Mac Multifamily Radon Sampling Requirements
Fannie Mae and Freddie Mac are leading resources for real estate and mortgage industry professionals throughout the United States, working to ensure access to affordable single family and multifamily housing is available in all markets across the country. The Federal Housing Finance Authority (FHFA) is responsible for ensuring that Fannie Mae and Freddie Mac operate in a safe and sound manner through supervision and regulation.
Due to the health impacts associated with radon exposure, owners of multifamily properties as well as lenders test to characterize potential risk. Radon testing and mitigation for multifamily properties are often completed to comply with lender policy or by federally sponsored financing program guidance during due diligence review, as with properties financed by Fannie Mae, Freddie Mac, and HUD loans.
Dangers of Radon in Multifamily Housing
Radon is a Class A carcinogen, and is the leading cause of lung cancer for non-smokers. Radon cannot be seen, and has no odor or taste. Radon comes from the radioactive breakdown of naturally occurring radium found in most soils. As a gas in the soil, it enters buildings through small openings in the foundation. Since the building can hold the radon similarly to smoke trapped under a glass, indoor radon concentrations can increase to many times that of outdoor levels.
In Florida, one in five homes tested has elevated radon levels above the action level of 4 pCi/L. Elevated radon levels have been found in all types of buildings, including manufactured homes, schools and high-rise condominiums.
FHFA Expected to Increase Multifamily Radon Sampling Requirements
The Federal Housing Finance Authority (FHFA) is considering an increase to radon sampling requirements for Fannie Mae and Freddie Mac multifamily loans in accordance with the EPA’s Voluntary Consensus Standards for Radon Testing and Mitigation. In July of 2021, FHFA held a listening meeting to receive input and feedback on issues related to multifamily testing and mitigation to inform the FHFA and the Enterprises’ decision making. Watch the full video below or visit the FHFA website for a full transcript: FHFA Public Listening Session: Multifamily Radon Standards
Meeting attendees included representatives from the medical field; health advocacy groups such as the American Lung Association and Cancer Survivors Against Radon; government agencies such as HUD, CDC, and EPA; radon laboratories, various lenders and consultants; and representatives from multifamily housing organizations such as Mortgage Bankers Association (MBA) and National Multifamily Housing Council (NMHC). As a leading provider of due diligence services for Fannie Mae and Freddie Mac lenders, Partner Engineering and Science attended, represented by Chief Strategy Officer Bill Tryon. Tryon delivered a statement regarding the impact of proposed changes on the multifamily due diligence process based on Partner’s experience and insight to the costs and timing associated with testing and mitigation in compliance with EPA recommended standards.