Section 403

Property Condition Assessment (PCA)

403.01

When to Perform a PCA

Requirements

Before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. , you must:

403.02

Date of PCA Report and PCA Site Visit

Requirements

A PCA Report (Form 4099) containing an HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. (or any standalone HPB Report) must be dated as of the date of the site visit by the PCA ConsultantPCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. , and must be less than 6 months before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .

A PCAPCAAssessment of the Property's physical condition and historical operation. report that does not include an HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. may be dated up to 12 months before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. if you:

  • ensure a site visit is performed within 90 days before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. ; and
  • confirm that there has been no material adverse change to the physical condition of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). since the date of the PCAPCAAssessment of the Property's physical condition and historical operation. report.
403.03

Conducting the PCA

Requirements

When conducting the PCAPCAAssessment of the Property's physical condition and historical operation. , you must:

  • comply with Form 4099, and order all applicable PCAPCAAssessment of the Property's physical condition and historical operation. modules;
  • identify all conditions that impact resident safety, marketability, or value of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ; and
  • properly mitigate those conditions.

If you retain a PCA ConsultantPCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. that does not meet the educational qualifications or professional certifications, registrations, or training required by Form 4099, you must:

  • determine that the PCA ConsultantPCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. is qualified based on their alternative qualifications; and
  • attach your description of the PCA ConsultantPCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. ’s qualifications to the final PCAPCAAssessment of the Property's physical condition and historical operation. .

You must have an annual quality control program to review

  • the quality of the PCAsPCAsAssessment of the Property's physical condition and historical operation. performed by your PCA ConsultantPCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. , and
  • your compliance with the requirements in this Section and the Form 4099.