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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 6, 2011  |   Gov't Looks to Reduce Real Estate Inventory
The Obama administration is looking to get rid of 14,000 surplus properties that the federal government owns around the country and is costing taxpayers money to maintain.

The surplus properties include everything from unused roads and empty lots to warehouses and office buildings.

"The government can no longer foot the bill for vacant buildings," says Rep. Jason Chaffetz, R-Utah, who also has authored a bill to quickly dispose of the government’s surplus property, but without using a special commission as the Obama administration has proposed.

The federal government spent about $134 million to maintain surplus buildings in 2009. The Obama administration says that improving the government’s management of surplus properties stands to save taxpayers $15 billion over several years.

The Obama administration is proposing a special commission be used to handle the surplus property in order to try to sidestep problems that have hindered the sale of these properties in the past. The presidentially-appointed, seven-member Civilian Property Realignment Board would evaluate surplus federal properties and make recommendations to "significantly reduce" the government’s real estate inventory, which ultimately would be voted upon by Congress.

The government believes there are some 12,000 surplus federal properties within the U.S. and about 2,000 overseas. The commission would not deal with military, national security sites, national parks, or wildlife refuges.

Source: “Obama Seeks Special Panel to Unload Federal Real Estate,” McClatchy Newspapers (May 4, 2011)


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