H.R. 4688 would require the General Services Administration (GSA) to sell the Webster School in Washington, D.C.; at fair market value and for its highest and best use by December 31, 2025. Net proceeds from that sale would be deposited in the Federal Buildings Fund and recorded in the budget as offsetting receipts (or reductions in direct spending).
The Webster School, built in 1881, was purchased by the federal government in 2003 for about $2 million. The building is currently unoccupied. In 2014, GSA had it appraised at about $1 million. The agency indicates that the vacant property’s condition has deteriorated. In addition, potential buyers would be subject to strict security requirements that could reduce the sales price because of the building’s proximity to the Secret Service headquarters.
Using that information, CBO estimates that the net proceeds would be about $750,000. CBO expects that under current law the property could be sold within the next 10 years. In the absence of specific information, CBO uses a 50 percent probability that the property will be sold. On that basis, CBO estimates that enacting H.R. 4688 would increase net receipts by less than $500,000.
