Construction entails a tedious process that contractors have to take seriously. One has to be certain that all paperwork is complete and adequately processed. Additionally, a property condition assessment NJ should be done to ensure that the building is safe to be occupied. All these measures should be taken to avoid the worst possible situations, similar to what happened with Champlain Towers.
The preliminary investigation of this accident revealed that the catastrophe was most likely caused by design failure, low-grade construction, and a lack of adequate and routine structure maintenance.
The Miami Herald had also consulted with engineers and general contractors who pointed out the building’s design flaws and structural weaknesses, which could have caused the collapse. It was also found that, had they consulted with a structural engineer NJ, they would have seen that the foundation of the condominium’s critical areas did not follow the building codes set by the American Concrete Institute upon its construction.
This tragedy affected not only the residents but also companies managing, insuring, financing, and regulating condominiums. Due to the disaster, many industries and stakeholders have become more cautious in investing in aging infrastructures. Furthermore, what happened to Champlain Towers has made mortgage giants wary of loans tied to assets with significant safety issues. This has resulted in lending companies becoming more conservative.
Because of the tragedy’s effect on many industries, the Federal National Mortgage Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) have issued new requirements for mortgages relating to condominiums and cooperative projects. Fannie Mae and Freddie Mac are government-sponsored agencies that significantly affect mortgage availability and affordability.
The new guidelines set by Fannie Mae and Freddie Mac aim to elevate mortgage properties’ standards. In addition, they are also designed to help prevent property disasters, such as the tragic incident that occurred with Champlain Towers. Lastly, the updated conditions are set to protect the finance industry from suffering the aftermath of a structure mishap.
More details about the new requirements set by Fannie Mae and Freddie Mac can be found in this infographic by Lockatong Engineering.
