Date: January 17, 2002
Source: News Room
The U.S. Environmental Protection Agency and the Department of Housing and Urban Development recently announced the broadest lead disclosure settlement ever with one of the nation's largest property management firms, the Denver-based Apartment Investment and Management Co. Families living in more than 130,000 apartments in 47 states and Washington, D.C., will live in lead-safe units as a result of this landmark settlement. AIMCO allegedly failed to warn its tenants that their homes may contain lead-based paint hazards in violation of the Residential Lead-Based Paint Hazard Reduction Act. Under the settlement, AIMCO has agreed to test and clean up lead-based paint hazards in more than 130,000 apartments nationwide and pay a $129,580 penalty. The penalty and the number of units being tested and cleaned are the largest ever in a lead disclosure settlement. Because AIMCO voluntarily disclosed violations of the Residential Lead- Based Paint Hazard Reduction Act, the company was able to significantly reduce its penalty. At the same time, HUD and EPA are ensuring that AIMCO's properties will become free of lead-based paint hazards. Approximately three-quarters of the nation's housing stock built before 1978 (approximately 64 million dwellings) contains some lead-based paint. Of those, approximately 25 million housing units have lead-based paint hazards such as chipping and peeling paint and lead in dust, according to a recent HUD survey. More information: www.epa.gov/lead.