Seismic Reports and the HUD 221(d)(4) Loan Program
Seismic reports, also known as seismic assessments, assess the seismic risk (probability of an earthquake) of a particular property. These reports may include calculations of the PML (Probable Maximum Loss) and/or the SML (Scenario Expected Loss) based on projections consistent with current building codes. In general, seismic reports are only required for properties located within Seismic Zones 3 and 4, which consists of all of California, significant parts of Alaska and Hawaii, Oregon, Washington, and Nevada, as well as a small area in the south, including parts of Tennessee, Kentucky, Illinois, and Arkansas.
To learn more about HUD multifamily construction loans like the HUD 221(d)(4) loan, fill out the form below and a HUD lending expert will get in touch.