Ecosense Applauds FHFA Enhanced Radon Testing Requirements Announced For Multifamily Properties
San Jose, California – January 31, 2023 – Ecosense, a leader and trusted provider of radon detection and continuous radon monitoring solutions that are easy to use, accurate, and fast, welcomes the most recent announcement from the Federal Housing Finance Agency (FHFA). On January 19, 2023, the FHFA announced the multifamily radon standards enhancements to Fannie Mae and Freddie Mac (the Enterprises).
Some of the enhancements made to these radon standards include: requiring testing at Enterprise-backed multifamily properties, no matter where the property is located; increasing the amount of required testing from 10 percent to 25 percent of ground floor units; requiring radon testing to be overseen by an environmental professional; tenants to be notified of radon testing by either the environmental professional or property representative; and additional guidance for lenders and environmental consultants on the Enterprises’ standards for radon.
“This is a fantastic and welcomed announcement by the FHFA,” stated Insoo Park, Founder, and CEO of Ecosense. “This announcement aligns with our key philosophy – raising radon awareness and saving lives. We thoroughly applaud the FHFA for encouraging better data collection to monitor radon levels and keep families safe. The U.S. Department of Housing and Urban Development (HUD) is already testing approximately 160,000 multifamily units per year, which HUD FHA loans require. The new directive from FHFA will increase that number to 25 percent or roughly 400,000.”
The Enterprises will also be collaborating with housing providers, radon industry stakeholders, and the Centers for Disease Control and Prevention (CDC) in an effort to encourage better radon data collection at multifamily properties. FHFA will continue monitoring the multifamily mortgage market and coordinating with the U.S. Environmental Protection Agency (EPA) in its continued efforts to address radon.
According to the EPA, radon gas, also known as “The Silent Killer,” is responsible for over 21,000 lung cancer deaths in the United States annually. Even more alarming is that it is the number one cause of lung cancer among non-smokers.