[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5736 Introduced in House (IH)]






107th CONGRESS
  2d Session
                                H. R. 5736

     To provide for the conveyance of certain real property by the 
                   Administrator of General Services.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 14, 2002

Ms. Ros-Lehtinen (for herself and Mr. Deutsch) introduced the following 
     bill; which was referred to the Committee on Government Reform

_______________________________________________________________________

                                 A BILL


 
     To provide for the conveyance of certain real property by the 
                   Administrator of General Services.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CONVEYANCE OF LAND.

    (a) Conveyance by Sale.--The Administrator of General Services (in 
this Act referred to as the ``Administrator'') shall convey by sale, to 
the City of Key West, Florida, or the Monroe County Land Authority, 
Monroe County, Florida, all right, title, and interest in and to the 
parcel of land known as the Poinciana Plaza Housing property and 
located in the City of Key West, Florida (in this Act referred to as 
the ``property'') .
    (b) Consideration.--As a condition of the conveyance authorized 
under subsection (a), the grantee shall pay as consideration for the 
conveyance $2,500,000. The net proceeds received by the Administrator 
as payment pursuant to this subsection shall be deposited into the 
Department of Defense Base Closure Account 1990.
    (c) Description of Property.--The exact acreage and legal 
description of the property to be conveyed pursuant to subsection (a) 
shall be determined by a survey that is satisfactory to the 
Administrator. The cost of such survey shall be borne by the grantee.
    (d) Use Restrictions.--For a period of not less than 30 years that 
begins upon the conveyance pursuant to subsection (a)--
            (1) the property shall be used exclusively to provide 
        housing and housing assistance for low- and moderate-income 
        individuals and families;
            (2) not less than 60 percent of the dwelling units in the 
        property shall be available only for occupancy by low-income 
        individuals and families; and
            (3) not more than 40 percent of the dwelling units in the 
        property shall be available only for occupancy by moderate-
        income individuals and families.
The Administrator shall include the restrictions under this subsection 
in the deed conveying the property and shall enter into any other such 
legally binding agreements as may be necessary to ensure compliance 
with this subsection.
    (e) Reversionary Interest.--If, during the 30-year period referred 
to in subsection (d), the Secretary of Housing and Urban Development 
determines that the property is not being used and occupied in 
accordance with subsection (d), all right, title, and interest in and 
to the property, including any improvements thereon, shall revert to 
the United States. Upon such reversion, the United States shall 
immediately proceed to a public sale of the property.
    (f) Sales or Reconveyance.--If, during the 30-year period referred 
to in subsection (d), the grantee sells or reconveys any part or all of 
the property, the proceeds shall be returned to the United States and 
deposited into the Department of Defense Base Closure Account 1990.
    (g) Additional Terms and Conditions.--The Administrator may require 
such additional terms and conditions in connection with the conveyance 
under subsection (a) as the Administrator considers appropriate to 
protect the interest of the United States, including the recoupment of 
profits derived through a change in the legally permissible 
development.
                                 <all>