Reversionary Interest Conveyance Act
Reversionary Interest Conveyance Act
Plain Language Summary
# Reversionary Interest Conveyance Act Summary **What the Bill Does** This bill allows the federal government to sell its remaining interest in approximately 8.43 acres of land in Sacramento, California. Currently, the U.S. government holds what's called a "reversionary interest"—essentially a claim that the land would return to federal ownership under certain conditions. The bill directs the Bureau of Land Management (BLM) to offer to sell this interest to the current private landowner.
The landowner would need to pay fair market value for the land interest, plus all costs associated with the sale (surveys, appraisals, paperwork, etc.). **Who It Affects and Key Details** This primarily affects the current property owner in Sacramento, California, who would have the opportunity to fully own their land without federal claims. The bill protects any existing legal rights on the property and requires money from the sale to go into a Federal Land Disposal Account. The BLM must respond to a sale request within two years. **Current Status** The bill has passed the House and is moving through the legislative process. It is a relatively narrow, location-specific bill affecting one particular parcel of California land.
CRS Official Summary
Reversionary Interest Conveyance ActThis 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.
Latest Action
Committee on Energy and Natural Resources. Ordered to be reported without amendment favorably.