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.