Last week, EBI invited agency (GSE targeted) lenders and borrowers to an informational webinar and Q&A discussion regarding the recent Federal Housing Finance Agency (FHFA) release on updated radon testing for Fannie Mae and Freddie Mac. EBI’s radon team outlined protocols contained in the standards that may potentially be interpreted in different ways, and therefore may require clarification prior to the stated effective date after June 30, 2023. Various building designs and layouts were illustrated as examples of buildings that would or would not require testing per the standards.
During the webinar, EBI’s National Manager of Building Sciences, Michael Walther, reviewed the anticipated effect of the enhanced standards on the cost of radon testing as part of Fannie Mae and Freddie Mac environmental due diligence services through a comprehensive webinar.
Since the enhanced standards require compliance with all applicable state and local laws, EBI presented a summary of the regulatory requirements of all affected states followed by a summary of how the differing regulatory settings caused lesser or greater added cost to radon testing in the state.
Three groups of states were defined, per the new standards:
- A large group of states where the increased costs of radon sampling associated with due diligence services are anticipated to be nominal on only based on the unit rate cost of additional samples.
- States included: AL, AK, AZ, AR, DE, GA, GU, HI, ID, LA, MA, MD, MI, MO, MS, MT, NC, ND, NM, NV, NY, OK, OR, PR, SC, SD, TN, TX, VI, VT, WA, WI, WY
- Just mitigation regulations: CT, NH, UT
- Regulations in progress: KS, NE
- Only single-family regulations: VA
- A very short list of states where the increased costs of radon sampling are anticipated to be about double.
- States included: CA, DC, FL
- Regulations in progress: NE
- A group of 12-13 states where the increased costs of radon sampling could be anticipated to be 5-10 times greater.
- States included: CO, IL, IN, IA, KY, ME, MN, NJ, OH, PA, RI, WV
- Regulations in progress: KS
EBI and Protect Environmental have teamed up to minimize the impact of the enhanced standards on the cost and timing of radon testing. Protect Environmental presented their Radon SentinelTM Measurement System, which offers the EBI and Protect team the ability to provide radon services. This is especially important in the more expensive states, with improved timing and information as well as with benefits to costs and property management staff.
For more information, or to see how these new regulations will specifically affect your business, reach out to Mike Walther directly or fill out the form below.