42 U.S.C. § 2343 : US Code - Section 2343: Sales

Search 42 U.S.C. § 2343 : US Code - Section 2343: Sales

(a) Notice to priority holders
Where rights of priority have been granted pursuant to the
provisions of this chapter to Government-owned property, it shall
be offered for sale to priority purchaser by giving notice to those
eligible for such priority. Such notice shall (1) be in such manner
as the Commission shall prescribe, (2) identify the property to be
sold, and (3) state the terms and conditions of sale and the date
of the offer which, in the case of occupants of single family or
duplex houses, shall expire not less than ninety days after the
date of the offer.
(b) Sale of property to highest bidder
Any property (other than church property) classified for sale
under section 2331 of this title and offered for sale under section
2342 of this title, as to which no priority right has been
conferred, or as to which all priority rights have expired, shall
be advertised for sale to the highest bidder, subject to the right
of the Commission to reject any or all bids. No bid shall be
accepted which is below the appraised value or, in the case of
Government-owned single and duplex houses is below 85 per centum of
the appraised value.
(c) Disposal of property not sold at auction
As to any property which has not been sold under subsection (b)
of this section within ninety days after the first advertisement
for sale under such subsection the Commission may make such
disposition, on such terms and conditions, as it may deem
appropriate.
(d) Church property
Property for use of churches, in respect of which all priority
rights have expired, may be disposed of by advertising and
competitive bid, or by negotiated sale or other transfer at such
prices, terms, and conditions as the Commission shall determine to
be fair and equitable.