Federal Property Low Hanging Fruit Act - Authorizes the head of each executive department to convey real and related property under the department's ownership and control and retain the net proceeds in an account within the Treasury. Makes such proceeds available to the department head to pay necessary and incidental costs for the department's property management activities, including acquisition, improvements, maintenance, reconstruction or construction needs.
Directs the head of each of the Departments of Defense (DOD), Agriculture, and Energy (DOE) and the General Services Administration (GSA) to develop and carry out a plan to enter into agreements with a nongovernmental person to: (1) lease at least 5, but not more than 10, federal real properties that are underutilized or excess; and (2) develop, rehabilitate, or renovate facilities on such leased properties. Requires such agreements to provide a lease option to the United States and indemnity for any actions, debts, or liability of the nongovernmental person. Directs the Comptroller General (GAO) to submit reports to Congress on the effectiveness of the plan.