The final new Fannie Mae Multifamily Selling and Servicing Guide is hot off the press this week (as of Monday February 3rd), and with it comes some new requirements for Seismic Risk Assessments. All reports ordered on or after this date will require compliance with the revised policy.
Fortunately, Section 321, which includes the seismic hazard and building risk factors, has not changed too drastically over the old Guide unlike the Fannie Mae Physical Needs Assessment (PNA), which underwent extensive revisions. However, one change in particular is causing a fair number of questions and will require some adjusting in the industry.
Shifting from Seismic Zones to Peak Ground Acceleration
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