H.R. 952
Reversionary Interest Conveyance Act
Sponsor: Doris O. Matsui · 0 cosponsors
Official summary
Written by the Congressional Research Service.
Reversionary Interest Conveyance Act
This bill directs the Bureau of Land Management (BLM) to offer to sell the reversionary interest of the United States in approximately 8.43 acres of land in Sacramento, California, as generally depicted on a specified map dated November 7, 2022. Within two years of receiving a request from the owner of the land, the BLM must offer the reversionary interest and convey the reversionary interest to the buyer upon payment. The payment must be in an amount that is at least the fair market value of the reversionary interest. The buyer must also pay all costs related to the applicable conveyance of the reversionary interest, including all surveys, appraisals, and other administrative costs.
The bill subjects the conveyance to valid existing rights.
The proceeds from the sale must be deposited into Federal Land Disposal Account.
Text of the bill
(a) Definitions. In this section:
(1) Covered land. The term covered land means the approximately 8.43 acres of land under the administrative jurisdiction of the Bureau of Land Management in Sacramento, California, as generally depicted as Proposed Easements to be Released on the map titled Lands Proposed for Release from Any and All Reversionary Interests of the United States, including interests under the Act of July 1, 1862 (12 Stat. 489), dated November 7, 2022.
(2) Buyer
(A) The term buyer means the owner of record of any of the parcels included in the covered land at the time of the requested conveyance.
(B) Buyer may only request and purchase the covered land’s reversionary interest for the parcels of which the owner is the owner of record at the time of request.
(3) Reversionary interest. The term reversionary interest means all reversionary interests of the United States in the covered land.
(4) Secretary. The term Secretary means the Secretary of the Interior, acting through the Bureau of Land Management.
(b) Conveyance. Not later than two years after the Secretary receives a request from the buyer, the Secretary shall offer to the buyer the applicable reversionary interest subject to the requirements in subsection (c), and shall convey the lands to buyer upon payment of the appraised value.
(c) Requirements. Any conveyance under this section—
(1) shall be subject to valid existing rights; and
(2) shall be for not less than fair market value.
(d) Payment of fair market value. The Secretary shall determine the fair market value of the applicable reversionary interest—
(1) in accordance with the Federal Land Policy and Management Act of 1976 (43 U.S.C. 1701 et seq.); and
(2) based on an appraisal that is conducted in accordance with—
(A) the Uniform Appraisal Standards for Federal Land Acquisitions; and
(B) the Uniform Standards of Professional Appraisal Practice.
(e) Costs. In addition to the fair market value determined under subsection (d), the buyer shall pay all costs related to the applicable conveyance of the reversionary inter est, including all surveys, appraisals, and other administrative costs.
(f) Proceeds from the sale of land. The proceeds from the sale of the applicable reversionary interest shall be—
(1) deposited in the Federal Land Disposal Account established by section 206(a) of the Federal Land Transaction Facilitation Act (43 U.S.C. 2305(a)); and
(2) used in accordance with that Act.