Surplus land

(a) In general Section 550 of title 40, United States Code, is amended— (1) in subsection (a)— (A) in the subsection heading, by striking Definition and inserting Definitions; and (B) by striking section, the term and inserting section— (1) the term shared equity homeownership model has the meaning given the term in section 2 of the Permanent Housing Affordability Act; and; (2) in subsection (b)(2)(D), by inserting and for property transferred under subsection (i) to a community land trust or other shared equity homeownership model after families; and (3) by adding at the end the following: (i) Property for community land trust or other shared equity homeownership model (1) Conveyance The Administrator may convey to a community land trust or other shared equity homeownership model the right, title, and interest of the Government in and to any surplus real property that the Secretary of Housing and Urban Development determines is suitable for a community land trust or other shared equity homeownership model. (2) Deed of conveyance The deed of conveyance of any surplus real property disposed of under this subsection— (A) shall provide that all of the property be used and maintained for purposes of a community land trust or other shared equity homeownership model in perpetuity, and that if the property ceases to be used or maintained in a community land trust or other shared equity homeownership model, all or any portion of the property shall, in its then existing condition, at the option of the Government, revert to the Government; and (B) may contain additional terms, reservations, restrictions, and conditions the Administrator determines are necessary to safeguard the interests of the Government. (3) Fixing value (A) In general In fixing the sale or lease value of property disposed of under paragraph (2), the Secretary of Housing and Urban Development shall take into consideration and discount the value for any benefit which has accrued or may accrue to the Government from the use of the property by the community land trust or other shared equity homeownership model. (B) Amount of discount The amount of the discount under subparagraph (A) is 75 percent of the market value of the property, except that the Secretary of Housing and Urban Development may discount by a greater percentage if the Secretary, in consultation with the Administrator, determines that a higher percentage is justified.. (b) Report Not later than 90 days after the conclusion of each fiscal year in which assistance under section 550(i) of title 40, United States Code, as added by subsection (a), is made available, the Secretary of Housing and Urban Development shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on surplus land that includes— (1) the number of surplus real properties conveyed by the Federal Government for the purpose of affordable housing, including such properties that were conveyed to a community land trust or other shared equity homeownership model; and (2) the average discounted value of real property conveyed by the Federal Government for the purpose of affordable housing, including such real property that was conveyed to a community land trust or other shared equity homeownership model.