Page:United States Statutes at Large Volume 120.djvu/590

 PUBLIC LAW 109–241—JULY 11, 2006

120 STAT. 559

(A) the qualified property is unsalable (as determined by the Secretary); and (B) the proceeds, if any, of insurance for such damage are less than an amount equal to the greater of— (i) the fair market value of the qualified property on August 28, 2005 (as determined by the Secretary); or (ii) the outstanding mortgage, if any, on the qualified property on that date. (c) REIMBURSEMENT AMOUNT.—The amount of the reimbursement that an eligible person may be paid under this section with respect to a qualified property shall be determined as follows: (1) In the case of qualified property that is a dwelling (including a condominium unit but excluding a manufactured home), the amount shall be— (A) the amount equal to the greater of— (i) 85 percent of the fair market value of the dwelling on August 28, 2005 (as determined by the Secretary); or (ii) the outstanding mortgage, if any, on the dwelling on that date; minus (B) the proceeds, if any, of insurance referred to in subsection (b)(3)(B). (2) In the case of qualified property that is a manufactured home, the amount shall be— (A) if the owner also owns the real property underlying such home, the amount determined under paragraph (1); or (B) if the owner leases such underlying property— (i) the amount determined under paragraph (1); plus (ii) the amount of rent payable under the lease of such property for the period beginning on August 28, 2005, and ending on the date of the reimbursement under this section. (d) TRANSFER AND DISPOSAL OF PROPERTY.— (1) IN GENERAL.—A person receiving reimbursement under this section shall transfer to the Administrator of General Services all right, title, and interest of the owner in and to the qualified property for which the owner receives such reimbursement. The Administrator shall hold, manage, and dispose of such right, title, and interest in the same manner that the Secretary of Defense holds, manages, and disposes of real property under section 1013 of the Demonstration Cities and Metropolitan Development Act of 1966 (42 U.S.C. 3374). (2) TREATMENT OF PROCEEDS.—Any amounts received by the United States as proceeds of management or disposal of property by the Administrator of General Services under this subsection shall be deposited in the general fund of the Treasury as offsetting receipts of the department in which the Coast Guard is operating and ascribed to Coast Guard activities. (e) QUALIFIED PROPERTY.—Property is qualified property for the purposes of this section if as of August 28, 2005, the property was a one- or two-family dwelling, manufactured home, or condominium unit in the State of Louisiana, Mississippi, Alabama, or

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