Washington – RealEstateRama – MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the Federal Housing Finance Agency’s (FHFA) announcement of its enhancements to Fannie Mae’s and Freddie Mac’s (the GSEs) radon standards for multifamily properties:
“MBA and its members fully support safe and healthy multifamily housing and appreciate FHFA’s willingness to work closely with scientists and industry stakeholders during this process. We hope that these new radon testing standards strike the appropriate balance of ensuring tenant safety without leading to significant delays and added costs to multifamily projects.
“We ask FHFA to remain flexible on the six-month implementation date if it becomes apparent that the new standards will impact the current lending pipeline.
“Industry participants, FHFA, the GSEs, and HUD – which has its own testing protocol – should continue to collect data on radon and strongly consider adjustments to these standards, if necessary, to ensure they align with tenant risk.
“MBA will continue to work with FHFA, the GSEs, and HUD to increase safe and affordable multifamily housing in communities across the country.”