In June of 2013, the U.S. Department of Housing and Urban Development (HUD) Office of Multifamily Housing new policy requires radon testing and, if applicable, mitigation for most new FHA-insured construction, conversion and substantial rehabilitation projects, as well as most FHA-insured refinance transactions. Any upcoming projects will have to reevaluate their budget since this new policy will not cover any housing projects that have already begun. This is why it’s important to have wealth management planning services helping you out so you can be prepared for any situation like this one.
It’s an attempt to decrease radon exposure in renter-occupied homes Hud issued two new policies in February of 2013 that incorporate radon testing and mitigation into all HUD programs. It is a step to help prevent radon caused lung cancer deaths estimated to be around 21,000 each year in the United States.
The following is a partial list of the kinds of business and people who will be impacted by this new policy…
- Financial Institutions that lend money
- Commercial Property Managers ( Since the task will be delegated to them if the owner is in another region)
- Basically, any buyers, sellers, or owners of multifamily housing
About Radon Gas
Radon, a radioactive gas that results from the breakdown of uranium in soil and rocks, is, truly, just about everywhere. As it releases into the open air and dissipates, it’s not much of a concern. But if your home/office sits atop a concentration of radon, your basement can essentially trap it in inside your dwelling. THEN we’re talking some problems.
Need someone to help make sure you or your company gets rid of Radon Emissions? We deal with these issues every day. Contact Us (859-689-9222) to get more information about how we can help.