To amend the Federal Assets Sale and Transfer Act of 2016 to provide flexibility with respect to the leaseback of certain Federal real property, and for other purposes.

(Sec. 1) This bill allows existing improvements on a property sold under the Federal Assets Sale and Transfer Act of 2016 to be leased back to the federal government for up to three years for the purpose of facilitating the sale of the property.

[115th Congress Public Law 438]
[From the U.S. Government Publishing Office]



[[Page 132 STAT. 5564]]

Public Law 115-438
115th Congress

                                 An Act


 
  To amend the Federal Assets Sale and Transfer Act of 2016 to provide 
   flexibility with respect to the leaseback of certain Federal real 
    property, and for other purposes. <<NOTE: Jan. 14, 2019 -  [H.R. 
                                7319]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. LEASEBACK RESTRICTION.

    Section 12(b)(4) of the Federal Assets Sale and Transfer Act of 2016 
(40 U.S.C. 1303 note; Public Law 114-287) is amended--
            (1) <<NOTE: Time period.>>  by inserting ``for a period of 
        greater than 3 years'' before the period at the end;
            (2) by striking ``None of the'' and inserting the following:
                    ``(A) In general.--None of the''; and
            (3) by adding at the end the following:
                    ``(B) Requirements.--A leaseback under this 
                paragraph--
                          ``(i) <<NOTE: Expiration date.>>  shall expire 
                      on or before the last day of the 3-year period 
                      beginning on the date of the sale of the 
                      respective property;
                          ``(ii) may not contain any options to extend 
                      or renew the leaseback;
                          ``(iii) may only be entered into once for 
                      purposes of temporarily housing the Federal agency 
                      in the property at the time of the sale; and
                          ``(iv) shall only be for the purpose of 
                      facilitating the sale of the respective 
                      property.''.

    Approved January 14, 2019.

LEGISLATIVE HISTORY--H.R. 7319:
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CONGRESSIONAL RECORD, Vol. 164 (2018):
            Dec. 21, considered and passed House.
            Dec. 22, considered and passed Senate.

                                  <all>