50 USC 2466 – Use of funds for the purchase of options to purchase real property
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(a) Authority
Subject to the limitation in subsection (b), funds authorized to be appropriated for the Administration for the purchase of real property may be expended to purchase options for the purchase of real property.
(b) Limitation on price of options
Terms Used In 50 USC 2466
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The price of any option purchased pursuant to subsection (a) may not exceed the minor construction threshold (as defined in section 2741 of this title).
(c) Notice
Not later than 14 days after the date an option is purchased pursuant to subsection (a), the Administrator shall submit to the congressional defense committees—
(1) a notification of such purchase; and
(2) a summary of the rationale for such purchase.