§ 684. — Limited partnerships in nongovernmental entities.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 14USC684]
TITLE 14--COAST GUARD
PART I--REGULAR COAST GUARD
CHAPTER 18--COAST GUARD HOUSING AUTHORITIES
Sec. 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 Partnership.--(1)
The cash amount of an investment under this section in a nongovernmental
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 a nongovernmental
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 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.
(Added Pub. L. 104-324, title II, Sec. 208(a), Oct. 19, 1996, 110 Stat.
3911.)
Section Referred to in Other Sections
This section is referred to in section 687 of this title.
