Leasing Underutilized Federal Property to Fund Repairs and Reduce Debt.
This Act establishes a pilot program allowing federal agencies to lease out unused buildings and land for fair market value. Half of the resulting revenue will fund necessary maintenance and capital improvements for federal properties, while the other half will be dedicated to reducing the national deficit. This aims to make better use of public assets, potentially leading to cost savings for taxpayers and improved government infrastructure.
Key points
Federal agencies can lease out unused real estate to generate funds for the maintenance and modernization of their remaining properties.
50% of the profits from the leases are allocated directly to agency building repairs, and the remaining 50% goes toward national debt reduction.
The program waives the requirement to first offer the property for homeless assistance purposes (McKinney-Vento Act exception).
Status:
Expired
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