The U.S. Department of Housing and Urban Development (HUD) on May 4 announced it was updating certain environmental review requirements, with the aim of lowering the “costs and complexity” for multifamily lenders and developers.
The updates relate to railroad vibration assessments, pressurized pipeline policy, standards for high voltage power lines and fall hazards, and outdoor noise sensitivity assessment of properties. The changes are being made to “streamline outdated and burdensome requirements for lenders and developers seeking [Federal Housing Administration]-insured financing,” HUD said in a statement.
HUD said the changes are designed to lower development costs and eliminate inefficiencies.
The latest updates, detailed in a May 4 Mortgagee Letter, revise the environmental requirements set in the 2020 Multifamily Accelerated Processing (MAP) Guide published by HUD in March 2021….