10-U.S.C.-2875

10-U.S.C.-2875

§2875 – Investments

Pathway

Title 10 > Subtitle A > Part IV > Chapter 169 > Subchapter IV > Section 2875

Details

  • Reference: Section 2875
  • Legend: §2875 – Investments
  • USCode Year: 2013

Provision Content

(a) Investments Authorized.—The Secretary concerned may make investments in an eligible entity carrying out projects for the acquisition or construction of housing units suitable for use as military family housing or as military unaccompanied housing.

(b) Forms of Investment.—An investment under this section may take the form of an acquisition of a limited partnership interest by the United States, a purchase of stock or other equity instruments by the United States, a purchase of bonds or other debt instruments by the United States, or any combination of such forms of investment.

(c) Limitation on Value of Investment.—(1) The cash amount of an investment under this section in an eligible entity may not exceed an amount equal to 331/3 percent of the capital cost (as determined by the Secretary concerned) of the project or projects that the eligible entity proposes to carry out under this section with the investment.

(2) If the Secretary concerned conveys land or facilities to an eligible entity as all or part of an investment in the eligible 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 eligible 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.

(d) Collateral Incentive Agreements.—The Secretary concerned 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.

(Added Pub. L. 104–106, div. B, title XXVIII, §2801(a)(1), Feb. 10, 1996, 110 Stat. 546; amended Pub. L. 105–85, div. B, title XXVIII, §2805, Nov. 18, 1997, 111 Stat. 1991; Pub. L. 106–65, div. B, title XXVIII, §2803(d), (h)(1), Oct. 5, 1999, 113 Stat. 849; Pub. L. 108–136, div. A, title X, §1031(a)(50), Nov. 24, 2003, 117 Stat. 1602; Pub. L. 113–66, div. B, title XXVIII, §2805, Dec. 26, 2013, 127 Stat. 1008.)

Amendments

2013—Subsec. (e). Pub. L. 113–66 struck out subsec. (e). Text read as follows: Amounts in the Department of Defense Family Housing Improvement Fund or the Department of Defense Military Unaccompanied Housing Improvement Fund may be used to make a cash investment under this section in an eligible entity only after the end of the 30-day period beginning on the date the Secretary of Defense submits written notice of, and justification for, the investment to the appropriate committees of Congress or, if earlier, the end of the 14-day period beginning on the date on which a copy of the notice and justification is provided in an electronic medium pursuant to section 480 of this title.

2003—Subsec. (e). Pub. L. 108–136 inserted before period at end or, if earlier, the end of the 14-day period beginning on the date on which a copy of the notice and justification is provided in an electronic medium pursuant to section 480 of this title.

1999—Pub. L. 106–65, §2803(h)(1), struck out in nongovernmental entities after Investments in section catchline.

Subsec. (a). Pub. L. 106–65, §2803(d)(1), substituted an eligible entity for nongovernmental entities.

Subsec. (c). Pub. L. 106–65, §2803(d)(2), substituted an eligible entity for a nongovernmental entity in pars. (1) and (2) and the eligible entity for the entity wherever appearing in pars. (1) and (2).

Subsec. (d). Pub. L. 106–65, §2803(d)(3), substituted eligible for nongovernmental.

Subsec. (e). Pub. L. 106–65, §2803(d)(4), substituted an eligible entity for a nongovernmental entity.

1997—Subsec. (e). Pub. L. 105–85 added subsec. (e).

U.S. Encyclopedia of Law Coverage

10-U.S.C.-2873 in the Legal Encyclopedia: General Military Law

In this entry about 10-U.S.C.-2873, find legal reference material, bibliographies and premiere content related to general military law in the American Encyclopedia of Law, presenting a comprehensive view of the United States general military law-specific issues, written by authorities in the field.

10-U.S.C.-2859 in the Legal Encyclopedia: Supply to Military

In this entry about 10-U.S.C.-2859, find legal reference material, bibliographies and premiere content related to supply to military in the American Encyclopedia of Law, presenting a comprehensive view of the United States supply to military-specific issues, written by authorities in the field.

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