A bill to amend the Federal Property and Administrative Services Act of 1949, as amended, to provide for the disposal of surplus real property to States and their political subdivisions, agencies, and instrumentalities for economic development purposes.

Provides for the disposal under the Federal Property and Administrative Services Act of 1949 of surplus real property at not less than 25 percent of fair market value to States and their political subdivisions, agencies, and instrumentalities for economic development purposes where such areas meet special needs arising from actual or threatened severe unemployment arising from the closing of Federal facilities.