16 USC 460m-2: Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation
Text contains those laws in effect on December 24, 2024
From Title 16-CONSERVATIONCHAPTER 1-NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORESSUBCHAPTER LXX-OZARK NATIONAL SCENIC RIVERWAYS
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§460m–2. Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation
Any owner or owners, including beneficial owners (hereinafter in this section referred to as "owner"), of improved property on the date of its acquisition by the Secretary may, as a condition to such acquisition, retain the right of use and occupancy of the improved property for noncommercial residential purposes for a term ending at the death of such owner, or the death of his spouse, or at the death of the survivor of either of them. The owner shall elect the term to be reserved. The Secretary shall pay to the owner the fair market value of the property on the date of such acquisition less the fair market value on such date of the right retained by the owner.