Requires Sale of Old Federal Land Interest
HR8946-118 · Introduced Jul 8, 2024
Why it matters
The landowner could buy back the government's claim to the land, which would clear the way for full ownership. The government would receive at least fair market value plus the costs of the sale.
What it does
- Requires the BLM to offer to sell its reversionary interest in about 8.43 acres in Sacramento, California
- Sets a deadline of two years after the landowner asks for the sale
- Requires the buyer to pay at least fair market value for the interest
- Makes the buyer pay all survey, appraisal, and other sale costs
- Sends the sale money to the Federal Land Disposal Account
Passed the House
Next: a vote in the Senate
- Introduceddone
- Committeedone
- Housedone
- Senatecurrent step
- Presidentnot yet
About this bill
Would require the BLM to offer to sell the government's reversionary interest in about 8.43 acres of Sacramento land. The buyer must pay at least fair market value plus all sale costs.
Reversionary Interest Conveyance Act
Perspectives
💬 The case for
Property owners would likely say this clears up old land claims. The buyer pays full value and all costs, so taxpayers would not lose money.
💬 The case against
Some land groups would likely say selling public land interests removes government control over the property. They may also question whether the price fully reflects the land's value.
Sponsored by
Sponsor details for this federal bill are at the source link.
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