Avoiding The Environmental Review Blues
Wetlands, high tension power lines, railroad tracks, flood zones - easy to overlook and typically out of mind. However, these environmental liabilities can cause significant project delays and create extra stress for your development team. Mix in a condensed project timeline and a stretched budget and you have the perfect recipe for the Environmental Review blues.
The intent of the Environmental Review is to provide standardized compliance guidelines to protect the natural environment and the people that inhabit it, while also protecting your investment. If you are utilizing Tax Credits, HOME Funds, Community Development Block Grants, or HUD-insured financing for your new construction or rehab project, you’re likely familiar with the challenges and delays associated with Part 50 and Part 58 Environmental Reviews.
Now that properties constructed within the last three years are eligible to refinance with a HUD-insured loan, Environmental firms are being asked to complete Environmental Reviews for properties that were constructed via a conventional loan. Many of which bypassed some of the NEPA compliance hurdles that LITHC or HUD-insured projects face months before the first brick is laid. The historically low-interest rates have created immense opportunities for property owners, PHAs, and lenders to refinance, but not without the headache.
Too close to a noise source?
Located within a migratory path for an endangered bat?
Developed close to an abandoned underground oil tank?
With proper preparation and an experienced due diligence firm in your corner, these challenges become less intimidating.
Dominion Due Diligence Group (D3G) was selected to pilot HUD’s Environmental Review Online System (HEROS) platform to manage Part 50/58 reviews and has since mastered the online submission process. With over 25 years of NEPA and environmental expertise, we are here to make an intimidating and daunting process as simple and timely as possible.
With funding increases expected at the State and Federal level, it is more important than ever to consult with an environmental due diligence provider that understands how to navigate the rules and regulations associated with a NEPA Environmental Review.
No one is exempt from risk when developing or financing multi-family housing, so we’ve taken steps to make sure you’re covered. With our nationwide reach and in-house subject matter experts, your dedicated team will assist you through all aspects of regulatory compliance and risk mitigation. D3G is prepared to help with your Part 50/58 Environmental Review and ensure your project stays on track and closes on time – avoiding the Environmental Review blues!