Partner Engineering and Science has established a national HUD Due Diligence Group under the direction of Frank Romeo. The unit will be headquartered in the firm's tri-state operations in Ramsey, N.J.
Due diligence requirements for the purchase or refinancing of a variety of multifamily projects under the Department of Housing and Urban Development's (HUD) Multifamily Accelerated Processing (MAP) program require familiarity with the agency requirements, Romeo says.
‘Inspection requirements are much more stringent and the review process is longer and more detailed,’ he explains. ‘A HUD Phase I Environmental Site Assessment requires an evaluation of surrounding properties not only for typical environmental concerns but also for historic preservation, proximity of floodplain, noise impact to the property from nearby roadways, airports or railroads, evaluation of coastal management zones and endangered wildlife."