[Congressional Record Volume 143, Number 58 (Wednesday, May 7, 1997)]
[House]
[Page H2352]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 6 of rule XXIII, proposed amendments were submitted as 
follows:

                                 H.R. 2

                         Offered By Mr. Nadler

       Amendment No. 52: Page 335, after line 6, insert the 
     following new section:

     SEC. 709. TRANSFER OF SURPLUS REAL PROPERTY FOR PROVIDING 
                   HOUSING FOR LOW- AND MODERATE-INCOME FAMILIES.

       (a) In General.--Notwithstanding any other provision of law 
     (including the Federal Property and Administrative Services 
     Act of 1949), the property known as 252 Seventh Avenue in New 
     York County, New York is authorized to be conveyed under a 
     public benefit discount to a non-profit organization that has 
     among its purposes providing housing for low-income 
     individuals or families provided, that such property is 
     determined by the Administrator of General Services to be 
     surplus to the needs of the government and provided it is 
     determined by the Secretary of Housing and Urban Development 
     that such property will be used by such non-profit 
     organization to provide housing for low- and moderate-income 
     families or individuals.
       (b)(1) Public benefit discount.--The amount of the public 
     benefit discount available under this section shall be 75 
     percent of the estimated fair market value of the property, 
     except that the Secretary may discount by a greater 
     percentage if the Secretary, in consultation with the 
     Administrator, determines that a higher percentage is 
     justified due to any benefit which will accrue to the United 
     States from the use of such property for the public purpose 
     of providing low- and moderate-income housing.
       (2) Reverter.--The Administrator shall require that the 
     property be used for at least 30 years for the public purpose 
     for which it was originally conveyed, or such longer period 
     of time as the Administrator feels necessary, to protect the 
     Federal interest and to promote the public purpose. If this 
     condition is not met, the property shall revert to the United 
     States.
       (3) Determination of fair market value.--The Administrator 
     shall determine estimated fair market value in accordance 
     with Federal appraisal standards and procedures.
       (4) Deposit of proceeds.--The Administrator of General 
     Services shall deposit any proceeds received under this 
     subsection in the special account established pursuant to 
     section 204(h)(2) of the Federal Property and Administrative 
     Services Act of 1949.
       (5) 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 interests of the United 
     States and to accomplish a public purpose.