EXPANSION OF AUTHORITY FOR LIMITED PARTNERSHIPS FOR DEVELOPMENT OF MILITARY FAMILY HOUSING.

SEC. 2802. EXPANSION OF AUTHORITY FOR LIMITED PARTNERSHIPS FOR DEVELOPMENT OF MILITARY FAMILY HOUSING. (a) Participation of Other Military Departments.— (1) Subsection (a)(1) of section 2837 of title 10, United States Code, is amended by striking out “of the naval service” and inserting in lieu thereof “of the armed forces”. (2) Subsection (b)(1) of such section is amended by striking out “of the naval service” and inserting in lieu thereof “of the armed forces”. (b) Administration.— (1) Subsection (a)(1) of such section is further amended by striking out “the Secretary of the Navy” in the first sentence and inserting in lieu thereof “the Secretary of a military department”. (2) Subsections (a)(2), (b), (c), (g), and (h) of such section are amended by striking out “Secretary” each place it appears and inserting in lieu thereof “Secretary concerned”. (c) Account.— Subsection (d) of such section is amended to read as follows: “(d) Account.— (1) There is hereby established on the books of the Treasury an account to be known as the ‘Defense Housing Investment Account’. “(2) There shall be deposited into the Account— “(A) such funds as may be authorized for and appropriated to the Account; “(B) any proceeds received by the Secretary concerned from the repayment of investments or profits on investments of the Secretary under subsection (a); and “(C) any unobligated balances which remain in the Navy Housing Investment Account as of the date of the enactment of the National Defense Authorization Act for Fiscal Year 1996. “(3) From such amounts as are provided in advance in appropriation Acts, funds in the Account shall be available to the Secretaries concerned in amounts determined by the Secretary of Defense for contracts, investments, and expenses necessary for the implementation of this section. “(4) The Secretary concerned may not enter into a contract in connection with a limited partnership under subsection (a) or a collateral incentive agreement under subsection (b) unless a sufficient amount of the unobligated balance of the funds in the Account 110 STAT. 552is available to the Secretary, as of the time the contract is entered into, to satisfy the total obligations to be incurred by the United States under the contract.”. (d) Termination of Navy Housing Investment Board.— Such section is further amended— (1) by striking out subsection (e); and (2) in subsection (h)— (A) by striking out “Authorities” in the subsection heading and inserting in lieu thereof “Authority”; (B) by striking out “(1)”; and (C) by striking out paragraph (2). (e) Report.— Subsection (f) of such section is amended— (1) by striking out “the Secretary carries out activities” and inserting in lieu thereof “activities are carried out”; and (2) by striking out “the Secretary shall” and inserting in lieu thereof “the Secretaries concerned shall jointly”. (f) Extension of Authority.— Subsection (h) of such section is further amended by striking out “September 30, 1999” and inserting in lieu thereof “September 30, 2000”. (g) Conforming Amendment.— Subsection (g) of such section is further amended by striking out “Navy” in the subsection heading.