Page:United States Statutes at Large Volume 110 Part 6.djvu/89

 PUBLIC LAW 104-324—OCT. 19, 1996 110 STAT. 3911 ''§684. Limited partnerships with nongovernmental entities "(a) LIMITED PARTNERSHIPS AUTHORIZED.—The Secretary may enter into limited partnerships with nongovernmental entities carrying out projects for the acquisition or construction of housing units suitable for use as military family housing or as military unaccompanied housing. "(b) LIMITATION ON VALUE OF INVESTMENT IN LIMITED PARTNER- SHIP.— (1) The cash amount of an investment under this section in a nongovernmental entity may not exceed an amount equal to 33Va percent of the capital cost (as determined by the Secretary) of the project or projects that the entity proposes to carry out under this section with the investment. "(2) If the Secretary conveys land or facilities to a nongovernmental entity as all or part of gin investment in the entity under this section, the total value of the investment by the Secretary under this section may not exceed an amount equal to 45 percent of the capital cost (as determined by the Secretary) of the project or projects that the entity proposes to carry out under this section with the investment. "(3) In this subsection, the term 'capital cost', with respect to a project for the acquisition or construction of housing, means the total amount of the costs included in the basis of the housing for Federal income tax purposes. "(c) COLLATERAL INCENTIVE AGREEMENTS.— The Secretary shall enter into collateral incentive agreements with nongovernmental entities in which the Secretary makes an investment under this section to ensure that a suitable preference will be afforded members of the armed forces and their dependents in the lease or purchase, as the case may be, of a reasonable number of the housing units covered by the investment. ''§ 685. Conveyance or lease of existing property and facilities " (a) CONVEYANCE OR LEASE AUTHORIZED.—The Secretary may convey or lease property or facilities (including ancillary support facilities) to private persons for purposes of using the proceeds of such conveyance or lease to carry out activities under this chapter. "(b) TERMS AND CONDITIONS. — (1) The conveyance or lease of property or facilities under this section shall be for such consideration and upon such terms and conditions as the Secretary considers appropriate for the purposes of this chapter and to protect the interests of the United States. "(2) As part or all of the consideration for a conveyance or lease under this section, the purchaser or lessor (as the case may be) may enter into an agreement with the Secretary to ensure that a suitable preference will be afforded members of the armed forces and their dependents in the lease or sublease of a reasonable number of the housing units covered by the conveyance or lease, as the case may be, or in the lease of other suitable housing units made available by the purchaser or lessee. "(c) INAPPLICABILITY OF CERTAIN PROPERTY MANAGEMENT LAWS.— The conveyance or lease of property or facilities under this section shall not be subject to the following provisions of law: "(1) The Federal Property and Administrative Services Act of 1949(40 U.S.C.471etseq.).

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