This bill requires the General Services Administration (GSA), for the purpose of ensuring settlement of a loan that was used by a member of the public to purchase federal real property that has a significant health or safety concern: (1) to identify, during the course of the ordinary bidding process, whether there is any obvious and significant indication that the prospective purchaser is incapable of settling the loan obligation or removing any health or safety conditions; and (2) if such an indication is identified, to document it and disallow the sale.
If an immediate or subsequent purchaser of an asbestos-affected federal property is a debtor and transfers any of the property having significant quantities of unabated asbestos to a state or local government, GSA shall coordinate with other federal agencies to identify funding resources for asbestos abatement if such government submits a request for such coordination within 20 years after the initial sale of the affected property by the GSA.
The bill defines "asbestos-affected property" as any federal property sold by the GSA after April 30, 2013, that contains friable asbestos and a significant overall quantity of asbestos, such that damage inflicted on the property by a natural disaster would cause significant damage to the public.