Kendall Square Project Redevelopment and Real Property Reconveyance Act of 1988

Kendall Square Project Redevelopment and Real Property Reconveyance Act of 1988 - Directs the Secretary of Transportation to consent to an extension to August 30, 2000, of certain provisions of the Urban Renewal Plan and restrictions, agreements, and convenants of the deeds of conveyance applicable to certain property within the Kendall Square Urban Renewal Project Area conveyed to the United States by the Cambridge Redevelopment Authority of Massachusetts.

Requires the Secretary, within six months of the enactment of this Act, to reconvey such disposable real property to the Authority. Directs the Authority to prepare and carry out a master plan for developing and reusing such property. Requires the plan to include the making of appropriate demolition, alterations, public improvements, and sale or lease of the property for housing and accessory uses. Provides that no less than 30 percent of the housing units shall be for low- and moderate-income persons and families who will pay no more than 25 percent of their annual incomes for yearly rental. Requires the Authority to pay the fair market value of such property to the Federal Government. Directs the Authority to cooperate with the Department of Transportation to secure additional space, if needed, for expansion of the Department's functions and facilities within the project area.

Requires the Secretary to ensure that the current number of parking spaces continue to be made available to employees of the Department at the project area and that adequate facilities for the Department's warehousing, shipping, and receiving functions continue to be provided within the project area.

Relieves the United States, upon reconveyance of the disposal real property, of all obligations to develop such property.