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.

Amends the Federal Property and Administrative Services Act to authorize the Administrator of General Services to assign surplus Federal real property to the Secretary of Commerce for disposal of such property at not less than 25 percent of the fair market value to States and local areas threatened by unemployment as a result of the closing of Federal facilities. Requires that such property be used by the transferees for economic development purposes.