12 2 STA T .47 21 PUBLIC LA W 11 0– 417 —O CT. 14 , 200 8av a il a b l em ili t a ryhous i ng units that are alrea d y substantially e q ui p ped f ore x e c utive communications and security .‘ ‘ ( b )RENTAL RATE. —A lease under subsection (a) shall provide for the payment by the S ecretary of D efense of consideration in an amount equal to 105 percent of the monthly rate of basic allo w- ance for housing prescribed under section 4 0 3 (b) of title 3 7 for a member of the uniformed services in the pay grade of O– 10 with dependents assigned to duty at the military installation on which the leased housing unit is located. A rate so established shall be considered the fair mar k et value of the lease interest. ‘‘(c) TR EAT M ENT OFP RO C EE DS .—(1) The Secretary of a military department shall deposit all amounts received pursuant to leases entered into by the Secretary under this section into a special account in the Treasury established for such military department. ‘‘( 2 ) The proceeds deposited into the special account of a military department pursuant to paragraph (1) shall be available to the Secretary of that military department , without further appropria- tion, for the maintenance, protection, alteration, repair, improve- ment, or restoration of military housing on the military installation at which the housing leased pursuant to subsection (a) is located. ’ ’. (b) C LER I CAL AMENDMENT.—The table of sections at the begin- ning of such subchapter is amended by adding at the end the following new item
- ‘
‘ 283 8 .Leasingofm i l i t a ry family h o u sing to S e c retary of D efense. ’ ’. SEC.2805 . IMPROV E D OVERSI GHTAN D ACCO U NTA B I L IT YF OR MILI - TARY HOUSING PRIVATI Z ATION INITIATIVE PRO J ECTS. (a) O V ERSI GH T AND ACCO U NTA B ILIT Y .— (1) I N GENERAL.—Subchapter I V of chapter 1 69 of title 10, U nited States Code, is amended by adding at the end the following new section: ‘ ‘ §28 8 5.Oversightand a c c ou nta b i l it yf or p rivati z ation pro j ects ‘‘(a) OVERSIGHT AND ACCOUNTABILITY M EASURES.— E ach Sec- retary concerned shall prescribe regulations to effectively oversee and manage military housing privati z ation pro j ects carried out under this subchapter. The regulations shall include the following requirements for each privatization project: ‘‘(1) The installation asset manager shall conduct monthly site visits and provide quarterly reports on the progress of the construction or renovation of the housing units. The reports shall be submitted quarterly to the assistant secretary for installations and environment of the respective military depart- ment. ‘‘(2) The installation asset manager, and, as applicable, the resident construction manager, privatization asset manager, bondholder representative, project owner, developer, general contractor, and construction consultant for the project shall conduct meetings to ensure that the construction or renovation of the units meets performance and schedule requirements and that appropriate operating and ground lease agreements are in place and adhered to. ‘‘(3) If a project is 90 days or more behind schedule or otherwise appears to be substantially failing to adhere to the Notice.D e adl i n e s . R e p o r ts. Re gu lations.
�
