For example, several comments were accepted in the area of energyefficiency, including the extension of compliance periods, exclusion of
small properties from Energy Star compliance and elimination of the
green building certification requirement. But qualifying for reduced
rates is still a challenge because of the difficulty in getting whole building energy data, as well as energy certifications for older and smaller
buildings. The inclusionary zoning compliance period was held at 30
years, rejecting a request to reduce the term. Fee caps for small loans
were held at the $2 million loan size, but FHA offered evidence that
the impact will be small.
NATURAL DOG PARK PRODUCTS
HUD anticipates that lowering multifamily insurance rates will
leverage over $400 million in new mortgage financing for affordable
housing and energy-efficient development. This is expected to encourage
owners to adopt higher standards for construction and rehabilitation.
The rate reductions took effect on April 1, 2016.
Illinois Radon Bill Outlines Disclosure
Procedures
The proposed “Tenants Radon Protection Act” passed the Illinois
House Judiciary/Civil Committee April 5. The bill outlines disclosure
procedures for both property owners and residents in the event of a
radon hazard. It now awaits second reading before the full House.
HB 4528 states that before a lease is signed, a property owner must
provide each resident with any records or reports pertaining to radon
concentrations within the unit that indicate a radon hazard. While the
owner has no obligation to conduct radon testing or mitigation activities,
the owner would need to provide the tenant with the Illinois Emergency Management Agency pamphlet and the specified radon hazard
disclosure form outlined in the bill.
If a resident performs a radon test (and, like the owner, there is no
obligation to do so), the resident would need to provide the owner with
the results within 10 days. The owner is allowed to dispute those results,
but must hire his own radon contractor to perform a new test within
30 days. This measurement would be valid for two years unless renovations, additions or modifications are made to the building. Any radon
mitigation system must be installed by a radon contractor, as defined in
the bill. A tenant needs the owner’s consent prior to undertaking mitigation activities.
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The legislation is unusual as radon hazards are traditionally a concern
in sublevels and basements, rather than high rises. The Chicagoland
Apartment Association is watching the bill closely. If passed, the legislation would take effect Jan. 1, 2017.
303-296-8551
Laura Westhoff
Direct extension 127 | Cell 303-885-0109
[email protected]
www.aamdhq.org
MAY 2016 • TRENDS | 35