HUD eases environmental reviews on multifamily projects
The Department of Housing and Urban Development has eased rules on environmental reviews for multifamily projects.
The action was aimed at “removing outdated provisions that have increased costs and complexity for lenders and developers,” according to a HUD press release.
The updates revise the Multifamily Accelerated Processing Guide and ease requirements for lenders and developers seeking FHA-insured financing.
Last updated in 2021, the guide sets national standards for borrowers and lenders to prepare and underwrite loan applications for FHA multifamily mortgage insurance.
The agency’s action is expected to reduce barriers to development and expedite approvals, both of which should lower costs and lead to improved housing affordability.
Specifically, the revised standards:
- Remove standalone railroad vibration assessment requirements
- Restore prior policy for pressurized pipelines
- Update standards for high-voltage power lines and fall hazards
- Clarify noise-sensitive outdoor uses
The changes will be implemented immediately for any application that has not reached initial endorsement.