Lease agreements

(a) In general Each lease agreement entered into pursuant to this Act shall— (1) be for a term of not less than 60 years; (2) specify affordability terms, including that— (A) restrictions on affordability in the lease agreement shall last for not less than 50 years; and (B) not less than 20 percent of units in the proposed housing development project shall be affordable to households earning 80 percent or less of the Area Median Income of the area of the proposed housing project, adjusted for household size; and (3) over the life of the lease, provide revenue to the Postal Service of not less than the lesser of— (A) the appraised fair annual rental value of the leased property rights, as appraised at the time the parties enter into the lease agreement, minus the value of any public benefit, at the discretion of the Postal Service; or (B) the net present value of the leased property rights, as appraised at the time the parties enter into the lease agreement, minus the value of any public benefit, at the discretion of the Postal Service. (b) No sales The Office may not enter into any agreement to sell any real property rights to a Joint Development Partnership for an eligible housing use pursuant to this Act. (c) Preservation In any lease agreement under this Act, the Office shall preserve any art that— (1) is physically located at the Postal Service property subject to the lease agreement; (2) was completed between 1934 and 1943; and (3) was commissioned, in whole or in part, with funding from the United States Department of the Treasury Section of Painting and Sculpture Program, United States Department of the Treasury Section of Fine Arts, or United States Department of the Treasury Relief Art Project. (d) Other requirements All laborers and mechanics employed by contractors or subcontractors in the performance of construction, alteration, or repair work carried out, in whole or in part, pursuant to a lease agreement under this Act shall be paid wages at rates not less than those prevailing on projects of a similar character in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code. With respect to the labor standards specified in this subsection, the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code. (e) Rule of construction The lease of property rights pursuant to this Act shall not, by itself, be considered to be a closure or consolidation for purposes of section 404(d) of title 39, United States Code, or any regulations issued under that section.