Lead Cleareance Law in Cleveland OH

[Michael Ohara]

Any investors in the Cleveland market have any thoughts in this law and how it will impact your rei?

"Mandatory lead-safe certificates for pre-1978 rental properties."

I have never heard this mentioned. This goes into effect March 1, 2021. Sounds like this could really hurt REI. Remediation could be expensive. Any insights?

From the article: The law:

• Requires landlords to pay for private inspections and secure lead-safe certificates for their occupied rental units starting March 1, 2021.

• Relies on city-issued tickets and can charge property owners with housing code violations if they do not comply.

• Increases rental registration fees from $35 to $70 annually, with a cap of $30,000 for multi-unit buildings.

• Requires additional disclosures to renters and homebuyers about whether a home has an identified lead hazard.

• Creates a Lead Safe Advisory Board, a Lead Safe Housing Action Board, a Lead Screening and Testing Commission and a Lead Safe Auditor to track the progress and impact of the law.