Pilot program for redevelopment of underutilized Federal property

(a) In general The Administrator of the General Services Administration shall establish and implement a pilot program to facilitate the sale or transfer of underutilized Federal properties to entities and individuals for an eligible purpose described in subsection (b) on a pilot basis. (b) Eligible purpose An eligible purpose for a property sold or transferred under this section shall only be for redevelopment or economic development purposes that benefit the surrounding community, including affordable housing, job creation, economic growth, and community facilities such as clinics, childcare centers, and schools. (c) Amount of sale A sale or transfer under this section may be for an amount that is less than fair market value of the property being sold or transferred. (d) Development requirement An entity acquiring property under this section shall submit a redevelopment plan including the specified use under subsection (b) and begin redevelopment not later than 5 years after acquisition. (e) Recapture If an entity fails to meet the requirements under subsection (d), the Administrator may require the return of the property or impose other appropriate remedies. (f) Priority consideration In carrying out the pilot program under this section, the Administrator shall give priority consideration to community-based nonprofit organizations and public entities. (g) Termination The pilot program established under subsection (a) shall terminate on the date that is 5 years after the date of enactment of this Act. (h) Definition of underutilized Federal property In this section, the term underutilized Federal property means any real property owned or controlled by the Federal Government that— (1) is not fully occupied or utilized for the purposes of the Federal agency with jurisdiction over the property; or (2) has been determined by the Administrator to be excess to the needs of the Federal Government, including property that is vacant, obsolete, or economically inefficient to maintain.