MODIFICATION OF LEASING AUTHORITY OF ARMED FORCES RETIREMENT HOME.

SEC. 1421. [24 U.S.C. 411 note] MODIFICATION OF LEASING AUTHORITY OF ARMED FORCES RETIREMENT HOME. (a) Agreements.—Before entering a lease under section 1511(i) of the Armed Forces Retirement Home Act of 1991 (24 U.S.C. 411(i)), the Chief Operating Officer of the Armed Forces Retirement Home may enter into an agreement with a potential lessee for such lease providing for a period of exclusivity, access, study, or for similar purposes. The agreement shall provide for the payment (in cash or in kind) by the potential lessee of consideration for the agreement unless the Chief Operating Officer determines that payment of consideration will not promote the purpose and financial stability of the Armed Forces Retirement Home or be in the public interest. (b) Approval and Notification.—A sublease pursuant to section 1511(i) of the Armed Forces Retirement Home Act of 1991 (24 U.S.C. 411(i)) shall not be subject to the approval of the Secretary of Defense or any requirement to notify or submit a report to Congress described in such section if the Chief Operating Officer of the Armed Forces Retirement Home determines that the terms of the sublease conform with the terms of such lease. (c) Administration of Funds.— (1) Agreement proceeds.—The proceeds from an agreement entered into under subsection (a) shall be deposited in the Armed Forces Retirement Home Trust Fund. (2) Fund uses.—The proceeds from the lease of property under section 1511(i) of the Armed Forces Retirement Home Act of 1991 (24 U.S.C. 411(i)) andthe proceeds from agreements entered into under subsection (a) of this section that are deposited in the Armed Forces Retirement Home Trust Fund shall remain available for obligation and expenditure to finance expenses of the Retirement Home related to the formation and administration of agreements and leases entered into under the provisions of this section or such section 1511(i). (d) Sunset.—This section shall terminate on September 30, 2026.