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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).
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_211
Sponsor: Sen. Peters, Gary C. [D-MI]
Process start date: 2023-02-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SMART Leasing Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_211.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-01.

What are the main provisions?

Key points include:

  • 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).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Peters, Gary C. [D-MI].

What is the latest detailed status?

The latest detailed status is: Passed Senate with an amendment by Unanimous Consent. (consideration: CR S5835-5836; text: CR S5835-5836)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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Real Estate Public Investments Economy