AIMCO Strikes Landmark Deal With EPA, HUD

The settlement will affect people living in 47 states.

"Protecting our nation's children from the dangers of lead-based paint is of paramount concern,'' says EPA Administrator Christie Whitman. ''Eliminating lead-based paint hazards in older low-income housing is essential if childhood lead poisoning is to be eradicated. AIMCO is to be commended for its voluntary disclosure and other efforts to make its housing lead-safe. We urge other landlords to take their cue from this responsible action."

HUD Secretary Mel Martinez says the agreement ''goes a long way in making certain parents can raise their children in safe and healthy homes. Not only are more than 130,000 apartments going to be certified lead safe, but (the) settlement demonstrates the value of management companies and landlords working closely with HUD to prevent our kids from being poisoned."

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. 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 75% of the nation's housing stock -- 64 million dwellings – was built before 1978 and 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.

When properly maintained and managed, lead-based paint poses little risk. However, nearly 1 million children have blood lead levels above safe limits, mostly due to exposure to lead-based paint hazards.