All Appropriate inquiries (AAI) - November 1, 2006
The All Appropriate Inquiries (AAI) requirements become effective November
1, 2006. Certain Small Business Administration (SBA) loans and all Housing and Urban Development (HUD) and Georgia Department of Community Affairs (DCA) projects will require AAI Phase I’s. AAI rules are applicable to any party who wishes to claim protection from CERCLA (Superfund) liability as an innocent landowner, a bona fide prospective purchaser, or a contiguous property owner. Parties who receive grants under the EPA’s Brownfields Grant program to assess and characterize properties must comply with the AAI standards. To qualify as a bona fide prospective purchaser, contiguous property owner, or innocent landowner, a person must perform “all appropriate inquiries” on or before the date on which the person acquired the property.
Call Joe Hartline for assistance at 770.427.8123. |
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