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SMART Leasing Act
8/7/2024, 8:05 AM
Summary of Bill S 211
The SMART Leasing Act aims to achieve this goal by implementing several key provisions. First, the bill requires federal agencies to conduct a comprehensive analysis of their leasing needs before entering into any new lease agreements. This analysis must take into account factors such as cost, space requirements, and the availability of alternative options.
Additionally, the SMART Leasing Act seeks to increase transparency and accountability in federal leasing practices. The bill requires agencies to report on their leasing activities to Congress on an annual basis, including information on the cost and duration of leases, as well as any cost savings achieved through alternative leasing arrangements. Furthermore, the SMART Leasing Act includes provisions aimed at promoting competition and efficiency in the leasing process. The bill encourages agencies to consider a wide range of leasing options, including both traditional and innovative approaches, in order to secure the best possible deals for the federal government. Overall, the SMART Leasing Act is designed to streamline federal leasing practices, improve cost-effectiveness, and increase accountability in the management of federal real estate assets. If passed, this legislation has the potential to lead to significant improvements in the way that federal agencies lease office space and other facilities.
Congressional Summary of S 211
Saving Money and Accelerating Repairs Through Leasing Act or the SMART Leasing Act
This bill authorizes the General Services Administration (GSA) to establish a pilot program that allows federal agencies to lease underutilized properties with GSA approval and to use the rent payments to reduce the deficit and help fund capital projects and facilities maintenance.
The GSA may not enter into a lease unless it certifies that the lease will not have a negative impact on its mission or that of the applicable federal agency.
The bill provides for a maximum of six leases under the program during each fiscal year, with a term of up to 15 years.
Of collected funds that are not used to cover costs in connection with the lease, 50% shall be deposited in a working capital account and remain available until expended for maintenance, capital revitalization, and improvements, and 50% deposited in the Treasury's general fund for deficit reduction.
The GSA may not enter into a lease under the pilot program with any individual or entity that
- intends to carry out, under the lease, activities that are illegal to conduct in federal facilities or under federal law or activities for which federal funding is prohibited;
- is a political organization;
- is owned, operated, or controlled by a foreign government; or
- received any federal grant, contract, or award from the applicable federal agency engaged in the lease that is still in the performance period.
No lease entered into under the pilot program may be used to carry out lobbying activities.
