(a) Where the WIOA Title I financial assistance is intended to provide, or is in the form of, either personal property, real property, structures on real property, or interest in any such property or structures, the assurance will obligate the recipient, or (in the case of a subsequent transfer) the transferee, for the longer of:

1. (1) The period during which the property is used either:

   1. (i) For a purpose for which WIOA Title I financial assistance is extended; or
   2. (ii) For another purpose involving the provision of similar services or benefits; or

2. (2) The period during which either:

   1. (i) The recipient retains ownership or possession of the property; or
   2. (ii) The transferee retains ownership or possession of the property without compensating the Departmental grantmaking agency for the fair market value of that ownership or possession.