Federal Property Asset Management Reform Act of 2003

Federal Property Asset Management Reform Act of 2003 - Amends the Federal Property and Administrative Services Act of 1949 to direct the Administrator of General Services to: (1) establish, maintain, and apply current asset management principles to real and personal property; (2) establish performance measures to determine Federal real property management effectiveness; and (3) establish and maintain a single database of all Federal real property interests.

Requires each Federal landholding agency to appoint a Senior Real Property Officer to monitor and administer real property assets.

Authorizes landholding agencies to apply enhanced asset management tools, such as interagency transfers or exchanges, sales or exchanges with non-Federal sources, and subleases or outleases to other Federal agencies or non-Federal entities, for real property. Allows the Administrator to: (1) review any transaction undertaken by an agency utilizing such authority; and (2) disapprove such transaction if it does not reflect due diligence by the agency, is not in the best interest of the United States, or does not comply with property management requirements.

Permits a building to be constructed or altered only: (1) in compliance with one of the nationally recognized model building codes and with other applicable nationally recognized codes; and (2) after consideration of all requirements (other than procedural requirements) of zoning laws and laws relating to landscaping, open space, minimum distance from the property line, maximum height historic preservation, and esthetic qualities and other similar laws of a State that would apply if it were not a building constructed or altered by a Federal agency. Sets forth special rules for consultation, review, and inspections by State and local government officials. Allows such officials to make recommendations concerning measures that are necessary to meet such codes and measures that should be taken in consideration of local conditions. Waives such provisions with respect to any building if their application would adversely affect national security.

Prohibits agency actions involving use of enhanced asset management tools, determing real property to be excess, or disposing of excess real property with respect to specified Federal land and improvements in Los Angeles and Sepulveda, California.

Provides for: (1) the crediting of monetary proceeds from the disposition of real and related personal property to existing agency accounts to pay for capital asset expenditures of that agency; (2) Federal agencies to retain from proceeds of sales of personal property amounts necessary for recovering full direct and indirect costs incurred in disposing of such property; and (3) implementation of such disposal and accounting requirements for FY 2003 through 2007.

Authorizes the: (1) conveyance of surplus Federal property to non-profit organizations for preservation purposes and, generally, for public airport use; and (2) abandonment, destruction, or other disposal of property if it has no commercial value or if costs of continued care and handling would exceed its fair market value.

Amends the McKinney-Vento Homeless Assistance Act to revise procedures for the consideration of surplus real property for homeless assistance.