; and (B) the receipt of Federal financial assistance for airport development. (2) Covered aircraft defined In this subsection, the term covered aircraft means an aircraft— (A) used or intended to be used exclusively for recreational purposes; and (B) constructed or under construction by a private individual at a general aviation airport. . (b) Community use of airport land Section 47107 of title 49, United States Code, as amended by this section, is further amended by adding at the end the following: (v) Community use of airport land (1) In general Notwithstanding subsection (a)(13), and subject to paragraph (2), the sponsor of a public-use airport shall not be considered to be in violation of this subtitle, or to be found in violation of a grant assurance made under this section, or under any other provision of law, as a condition for the receipt of Federal financial assistance for airport development, solely because the sponsor has entered into an agreement, including a revised agreement, with a local government providing for the use of airport property for an interim compatible recreational purpose at below fair market value. (2) Restrictions This subsection shall apply only— (A) to an agreement regarding airport property that was initially entered into before the publication of the Federal Aviation Administration’s Policy and Procedures Concerning the Use of Airport Revenue, dated February 16, 1999; (B) if the agreement between the sponsor and the local government is subordinate to any existing or future agreements between the sponsor and the Secretary, including agreements related to a grant assurance under this section; (C) to airport property that was acquired under a Federal airport development grant program; (D) if the airport sponsor has provided a written statement to the Administrator that the property made available for a recreational purpose will not be needed for any aeronautical purpose during the next 10 years