§ 156. Proceeds from the sale or lease of real property
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(a) Minimum Charge.— Subject to section 142(f), a State shall charge, at a minimum, fair market value for the sale, use, lease, or lease renewal (other than for utility use and occupancy or for a transportation project eligible for assistance under this title) of real property acquired with Federal assistance made available from the Highway Trust Fund (other than the Mass Transit Account). (b) Exceptions.— The Secretary may grant an exception to the requirement of subsection (a) for a social, environmental, or economic purpose. (c) Use of Federal Share of Income.— The Federal share of net income from the revenues obtained by a State under subsection (a) shall be used by the State for projects eligible under this title.
Prior Provisions
A prior section 156, added Pub. L. 94–280, title I, § 132(a),
Amendments
1998—Pub. L. 105–178 amended section catchline and text generally. Prior to amendment, text read as follows: “Subject to section 142(f), States shall charge, as a minimum, fair market value, with exceptions granted at the discretion of the Secretary for social, environmental, and economic mitigation purposes, for the sale, use, lease, or lease renewals (other than for utility use and occupancy or for transportation projects eligible for assistance under this title) of right-of-way airspace acquired as a result of a project funded in whole or in part with Federal assistance made available from the Highway Trust Fund (other than the Mass Transit Account). This section applies to new airspace usage proposals, renewals of prior agreements, arrangements, or leases entered into by the State after the date of the enactment of the Federal-Aid Highway Act of 1987. The Federal share of net income from the revenues obtained by the State for sales, uses, or leases (including lease renewals) under this section shall be used by the State for projects eligible under this title.”
1991—Pub. L. 102–240 substituted “Subject to section 142(f), States shall” for “States shall”.
Effective Date Of Amendment
Amendment by Pub. L. 102–240 effective