SECTION 1. FEDERAL REAL PROPERTY DISPOSAL PILOT PROGRAM.

    (a) In General.--Chapter 5 of subtitle I of title 40, United States 
Code, is amended by adding at the end the following:

         ``SUBCHAPTER VII--EXPEDITED DISPOSAL OF REAL PROPERTY

``Sec. 621. Pilot program
    ``(a) The Director of the Office of Management and Budget (in this 
subchapter referred to as the `Director') shall conduct a pilot 
program, to be known as the `Federal Real Property Disposal Pilot 
Program', under which real property that is not meeting Federal 
Government needs may be disposed of in accordance with this subchapter.
    ``(b) For purposes of this subchapter, the Director shall identify 
criteria for determining whether real property is not meeting Federal 
Government needs.
    ``(c) For the fiscal years 2010 through 2019, the Director shall 
dispose of real property generating proceeds of not less 
$19,000,000,000 under the Federal Real Property Disposal Pilot Program.
    ``(d) The Director shall not include for purposes of the Federal 
Real Property Pilot Program any parcel of real property, building, or 
other structure located on such real property that is to be closed or 
realigned under the Defense Base Closure and Realignment Act of 1990 
(10 U.S.C. 2687 note).
    ``(e) The Federal Real Property Disposal Pilot Program shall 
terminate on September 30, 2019.
``Sec. 622. Selection of real properties
    ``Agencies will recommend candidate disposition properties to the 
Director for participation in the pilot program. The Director, with the 
concurrence of the head of the executive agency concerned and 
consistent with the criteria established in section 621, may then 
select such candidate properties for participation in the pilot program 
and notify the recommending agency accordingly.
``Sec. 623. Expedited disposal requirements
    ``(a) For purposes of the pilot program, an `expedited disposal of 
a real property' is a sale of real property for cash that is conducted 
pursuant to the requirements of section 545 of this title.
    ``(b) Real property sold under the pilot program must be sold at 
not less than the fair market value as determined by the Director in 
consultation with the head of the executive agency. Costs associated 
with disposal may not exceed the fair market value of the property 
unless the Director approves incurring such costs.
    ``(c) A real property may be sold under the pilot program only if 
the property will generate monetary proceeds to the Federal Government, 
as provided in subsection (b). A disposal of real property under the 
pilot program may not include any exchange, trade, transfer, 
acquisition of like-kind property, or other non-cash transaction as 
part of the disposal.
    ``(d) Nothing in this subchapter shall be construed as terminating 
or in any way limiting authorities that are otherwise available to 
agencies under other provisions of law to dispose of Federal real 
property, except as provided in subsection (e).
    ``(e) Any expedited disposal of a real property conducted under 
this section shall not be subject to--
            ``(1) subchapter IV of this chapter;
            ``(2) sections 550 and 553 of title 40, United States Code;
            ``(3) section 501 of the McKinney-Vento Homeless Assistance 
        Act (42 U.S.C. 11411);
            ``(4) any other provision of law authorizing the no-cost 
        conveyance of real property owned by the Federal Government; or
            ``(5) any congressional notification requirement other than 
        that in section 545 of this title.
``Sec. 624. Special rules for deposit and use of proceeds from 
              expedited disposals
    ``(a) Agencies that conduct expedited disposals of real properties 
under this subchapter shall be reimbursed from the proceeds for the 
administrative expenses associated with the disposal of such 
properties. Such amounts will be credited as offsetting collections to 
the account that incurred such expenses, to remain available until 
expended without further appropriations.
    ``(b) After payment of such administrative costs, the balance of 
the proceeds shall be distributed as follows:
            ``(1) Eighty percent shall be deposited into the Treasury 
        as miscellaneous receipts.
            ``(2) Twenty percent shall be deposited into the account of 
        the agency that owned the real property and initiated the 
        disposal action. Such funds shall be available without further 
        appropriation, to remain available for the period of the pilot 
        program, for activities related to Federal real property 
        capital improvements and disposal activities. Upon termination 
        of the pilot program, any unobligated amounts shall be 
        transferred to the general fund of the Treasury.''.
    (b) Clerical Amendment.--The table of sections at the beginning of 
chapter 5 of subtitle I of title 40, United States Code, is amended by 
inserting after the item relating to section 611 the following:

          ``subchapter vii--expedited disposal of real property

``Sec. 621. Pilot program.
``Sec. 622. Selection of real properties.
``Sec. 623. Expedited disposal requirements.
``Sec. 624. Special rules for deposit and use of proceeds from 
                            expedited disposals.''.
Requires the Director of the Office of Management and Budget (OMB) to: (1) conduct a Federal Real Property Disposal Pilot Program for the expedited disposal of real property that is not meeting federal government needs; and (2) identify criteria for identifying such property.

Requires the Director, for FY2010-FY2019, to dispose of real property generating proceeds of not less than $19 billion under the Program. Prohibits the Director from including any parcel of real property, building, or other structure located on real property that is to be closed or realigned under the Defense Base Closure and Realignment Act of 1990.

Requires agencies to recommend candidate disposition properties to the Director, who shall select properties for participation in the Program and notify the recommending agency. Prohibits real property from being sold under the program: (1) for less than fair market value; (2) if it will not generate monetary proceeds to the federal government exceeding disposal costs; or (3) in a non-cash transaction.

Requires participating agencies to receive reimbursement for associated administrative expenses and 20% of the balance of the remaining proceeds.

Terminates the program on September 30, 2019.
To establish a pilot program for the expedited disposal of Federal real property.