Amended Procedural Guidance for PBS Exchanges of Real Property

Purpose:

1. Create new procedural guidance that combines Commissioner Peck’s 1997 Exchange Guidance and the 2014 Procedural Guidance on Section 412 Exchanges for In-Kind Consideration into one comprehensive, single-source policy and procedures document that supersedes and replaces all prior exchange guidance.
2. Incorporate recommendations from the Inspector General’s February 2017 audit into this new procedural guidance to improve the PBS exchange process and maximize its resources.

Background:

This amended guidance outlines the process for identifying eligible exchange properties; evaluating, analyzing and approving the proposed exchange; and planning, reporting and mitigating risk to realize the best financial outcome for disposal of the property.

Applicability:

This internal directive applies to all PBS real property exchanges.

Cancellation:

This Order does not cancel or supersede any previous Order.

Roles and Responsibilities:

The Office of Portfolio Management and Customer Engagement manages the real property exchange process, and its roles and responsibilities are identified and detailed in the directive.