We just received verification that Fannie Mae revisions to Physical Needs Assessment requirements have been published. Related documents can be downloaded from Fannie Mae’s web site at https://www.fanniemae.com/multifamily/current-guide-forms.
Initial review indicates the following:
Implementation: The implementation date is unchanged. Reports ordered after February 3 must satisfy the new requirements.
Qualifications: Changes were made to requirements for the Property Evaluator as well as field personnel and the person certifying the report.
Data gathering: The timing of data collection was modified to extend throughout the assessment period, and requirements concerning the pre-site visit questionnaire were revised.
Interviews: Interview of residents was changed to optional and is to be conducted only with permission of the property owner.
Observation of Dwelling Units: Minor clarifications are included.
Areas of Additional Assessment: The evaluation of Market Competition Considerations was eliminated.
Estimation of Costs: Requirements for consulting local vendors, utilizing costs from RS Means, inclusion of hidden costs, etc. was revised to optional.
Weatherization: The requirement to identify weatherization actions in place and recommend additional actions has been deleted.
Site Lighting: The requirement to include recommendations for lighting controls was deleted.
Heating and Cooling System and Controls: Requirements to recommend Energy Star thermostats and pre-program thermostats have been deleted.
Peak Ground Acceleration: Changes have been made. We have contacted Fannie Mae for clarification of the new requirements.
Additional changes have been made to Appendices for Streamlined PNAs, Pre-site Visit Questionnaires, Useful Life Tables and Cost Estimate Schedules, and Known Problematic Materials.
In the meantime, GRS Group is on schedule to deliver compliant reports for all PNAs ordered after Fannie Mae’s February 3rd effective date.
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