Late last year, the City of Los Angeles enforced a Seismic Retrofit Ordinance, which mandates the structural strengthening of the city’s vulnerable buildings in coming years in an effort to protect the city against major losses in case of the next major earthquake. The LA ordinance targets wood-framed soft-story and non-ductile concrete buildings, and is expected to impact more than 13,000 properties. San Francisco and several other cities across California have previously implemented similar seismic ordinances, with more cities expected to follow suit.
LA’s ordinance is the country’s most extensive to date, and will have a significant impact on property owners, as well as lenders who need to underwrite for the expense of potential retrofits. This educational webinar will provide information to help those lenders, owners, investors and brokers address new requirements as efficiently as possible. Joe Derhake, CEO of Partner will be joined by structural engineers as well as financing and insurance experts to clarify a number of key questions, including:
- What are the specifics of the ordinance, and which buildings are impacted?
- Who bears the cost of retrofits, and what financing mechanisms are available?
- How can lenders and owners best address new requirements?
- How can the impact be minimized?