GREENGUARD Unveils Program Protecting Companies from Mold Risk

Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo — GREENGUARD Environmental Institute (GEI) has unveiled a mold risk reduction program that for the first time reportedly certifies the design, construction and ongoing operations of newly constructed multifamily and commercial properties.

GREENGUARD Mold Protection Program reportedly ensures that buildings use industries’ best practices for safeguarding against the damage and resulting losses caused by mold.

The program reportedly fills a void for lenders and building owners that has grown increasingly serious over the last several years. As large court judgments for mold continue to cloud the construction and financing of new buildings, more are turning to mold prevention measures as a way to manage their financial risk.

The program is based on a compilation of best practices that GEI has developed and proposed as an American National Standards Institute (ANSI) standard. The proposed standard has been preliminarily reviewed by the Environmental Protection Agency (EPA) and piloted with several building owners. Building consultancies review and assess properties based on the standard; once this is successfully completed, property owners can apply to GEI for certification under the GREENGUARD Mold Protection Program. Once a property is certified, it can be promoted to lenders, insurers and prospective tenants.

For more information on the GREENGUARD Mold Protection Program, write to mold@greenguard.org.

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