14 U.S.C. § 684 : US Code - Section 684: Limited partnerships with eligible entities

Search 14 U.S.C. § 684 : US Code - Section 684: Limited partnerships with eligible entities

(a) Limited Partnerships Authorized. - The Secretary may enter
into limited partnerships with eligible 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 Partnership. -
(1) The cash amount of an investment under this section in an
eligible entity may not exceed an amount equal to 33 1/3 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 an eligible
entity as all or part of an 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 eligible 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.