To establish limitations on the utilization and disposal of the Franklin Delano Roosevelt campus of the Department of Veterans Affairs Hudson Valley Health Care System at Montrose, New York, and for other purposes.

Directs the Secretary of Veterans Affairs to retain property comprising the Franklin Delano Roosevelt campus of the Department of Veterans Affairs Hudson Valley Health Care System at Montrose, New York (FDR campus) as an element of that system. Sets forth certain limitations on the utilization and disposal of the FDR campus.

Directs the Secretary to study: (1) the need for housing of low-income veterans who are served by the Hudson Valley Health Care System; and (2) a proposal of the Town of Cortlandt, New York to take title to certain facilities on the FDR campus.