Exempts properties included in the recommendations for disposal or realignment under this Act from certain public benefit conveyance requirements, including the McKinney-Vento Act (requiring surplus property to be used to assist the homeless).
Limits the authority of executive agencies to lease space for the purposes of a public building.
Requires the Commission to identify and create, on an annual basis, a list of assets located outside of the United States and its territories that are owned or managed by the Bureau of Overseas Building Operations of the Department of State that may be sold to reduce civilian real property inventory or be otherwise disposed of, transferred, or consolidated.
Requires OMB and GSA to provide specified congressional committees, upon request, access to the Federal Real Property Profile established by Executive Order 13327, dated February 4, 2004, and make all information in such Profile available to the committees. Requires OMB to make such Profile available to the Government Accountability Office (GAO) upon the request of the Comptroller General.
Requires each federal agency, not later than three years after the enactment of this Act, to sell, dispose, transfer, exchange, consolidate, co-locate, reconfigure, or redevelop any property that is deemed excess property.