Federal Property Low Hanging Fruit Act

This bill authorizes the Department of Agriculture, the Department of Energy, and the General Services Administration (covered agencies) to develop and carry out a plan to enter into agreements with eligible entities (defined to include a limited liability company, limited partnership, corporation, business trust, or nonprofit entity) to: (1) lease underutilized or excess federal real properties; and (2) develop, rehabilitate, or renovate facilities on such leased properties for the benefit of such agencies. Each covered agency shall identify between 5 and 10 federal real properties to be offered for lease under such agreements.

Each agreement shall: (1) have as its primary purpose the enhancement of the functional and economic efficiency of federal real property; and (2) provide a fair market value lease option to the United States to occupy space in the facilities acquired, constructed, or rehabilitated under the agreement but shall not guarantee occupancy by the United States.

A covered agency may: (1) provide services to the eligible entity that is party to the agreement, and (2) retain and use any revenues derived from such agreements for federal property management activities.

The plan of a covered agency shall: (1) identify the federal real properties that the agency proposes to make available under such agreements, and (2) include project performance measures.

A covered agency must submit to Congress: (1) all agreements to be entered into under the agency's plan within 3 years after enactment of this bill; and (2) the final draft of each agreement at least 30 days before entering into it.

The Government Accountability Office shall submit to Congress reports on the effectiveness of the public-private agreement pilot program under this bill.