{
  "id": "IND-40",
  "category": "Direct equity and debt investment",
  "capability": "Buy equity, partnership interests or debt in eligible military housing projects",
  "summary": "Express direct investment authority includes stock, other equity instruments, limited-partnership interests and bonds/debt instruments.",
  "legal_basis": [
    {
      "citation": "10 U.S.C. § 2875",
      "url": "https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section2875&num=0&edition=prelim",
      "kind": "statute",
      "note": ""
    },
    {
      "citation": "10 U.S.C. § 2883",
      "url": "https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section2883&num=0&edition=prelim",
      "kind": "statute",
      "note": ""
    },
    {
      "citation": "Pub. L. 119-21, §20001(b)",
      "url": "https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm",
      "kind": "statute",
      "note": ""
    }
  ],
  "authority_holder": "Secretary concerned",
  "actor_chain": {
    "planner": [
      "Service housing portfolio office / installation housing staff",
      "ASD(EI&E) housing policy"
    ],
    "resource_owner": [
      "Family Housing Improvement Fund or Military Unaccompanied Housing Improvement Fund / applicable housing accounts"
    ],
    "approver": [
      "Secretary concerned; congressionally required notifications and budget authority"
    ],
    "executor": [
      "Service housing privatization and real-estate teams",
      "USACE / NAVFAC / AFCEC as assigned"
    ],
    "partners": [
      "Eligible housing developer / private lenders",
      "Residents and installation housing office"
    ]
  },
  "actor_sources": [
    {
      "title": "Energy, Installations, and Environment: mission and responsibilities",
      "url": "https://www.acq.osd.mil/eie/"
    },
    {
      "title": "AFCEC organizational responsibilities",
      "url": "https://www.afcec.af.mil/About-Us/Organizational-Structure/"
    },
    {
      "title": "NAVFAC real estate business line: Navy/Marine Corps execution",
      "url": "https://pacific.navfac.navy.mil/Facilities-Engineering-Commands/NAVFAC-Hawaii/About-Us/Our-Services/Real-Estate/"
    }
  ],
  "requirements": [
    "Housing acquisition/construction suitability",
    "Eligible entity and military occupancy/purchase preference agreement",
    "Project capital-cost valuation"
  ],
  "limits": [
    "Temporary BOTH cash and land-inclusive investment cap 60% from July4,2025 through Sep30,2029; ordinary caps33⅓%/45% thereafter",
    "This is sector-specific equity authority, not a general venture fund"
  ],
  "funding": [
    "Authorized housing funds and current funds controls; temporary higher percentage is not an appropriation."
  ],
  "coordination_path": "Requirement sponsor → named planning office → resource owner and counsel → statutory approving official → authorized executing/contracting office.",
  "availability": "Conditional legal pathway; current funding, required determinations, and actual delegation not certified.",
  "confidence": "High on statutory permission; execution roles are organizational routing, not verified individual delegations.",
  "currentness": "§2875 operative text plus Pub.L.119-21 §20001(b) read; OLRC Sept10,2026 entry confirms temporary cap note.",
  "family": "Property, construction and housing",
  "mechanisms": [
    "Investment & capital",
    "Cooperation & exchanges"
  ],
  "goal_ids": [
    "facilities-energy"
  ],
  "office_links": []
}