Title 16 — ConservationRelease 119-73
§460m–2 Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation
Title 16 › Chapter CHAPTER 1— - NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES › Subchapter SUBCHAPTER LXX— - OZARK NATIONAL SCENIC RIVERWAYS › § 460m–2
Summary
An owner, including beneficial owners, of improved property the Secretary buys may keep the right to live there for noncommercial residential use until the owner, the spouse, or the survivor dies, as the owner chooses. The Secretary must pay the property's fair market value on the purchase date minus the fair market value of the kept right.
Full Legal Text
Title 16, §460m–2
Conservation — Source: USLM XML via OLRC
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.
Reference
Citations & Metadata
Citation
16 U.S.C. § 460m–2
Title 16 — Conservation
Last Updated
Apr 6, 2026
Release point: 119-73