Department Of Defense Agency Financial Report 2007 - Section 2: Financial Information Page 42
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82Department of Defense Agency Financial Report 2007
Section 2: Financial Information
5
Military Housing Privatization Initiative
The MHPI includes both direct loan and loan guarantee programs. The loan guarantee program is authorized by the National
Defense Authorization Act for FY 1996, Public Law 104-106, Statute 186, Section 2801, and includes a series of authorities
that allow the Department to work with the private sector to renovate and build military family housing. The MHPI
accelerates the construction of new housing, builds to market standards, and leverages private sector capital with government
dollars. The Department provides protection to the private sector partner against specific risks, such as base closure or
member deployment.
Armament Retooling and Manufacturing Support Initiative
The ARMS Initiative, authorized by Title 10 United States Code 4551-4555, is a loan guarantee program designed to
incentivize commercial use of the Army's inactive ammunition plants for businesses willing to locate to a government
ammunition production facility. The production capacity of these facilities is greater than current military requirements;
however, this capacity may be needed in the future. Revenues from property rental are used to help offset the overhead costs
for the operation, maintenance and environmental cleanup at the facilities.
In an effort to preclude additional loan liability, the Army instituted an ARMS loan guarantee moratorium in FY 2004. The
Army continues to operate under the moratorium and does not anticipate new loans.
Summary of Direct Loans and Loan Guarantees
As of September 30
2007
2006 Restated
(amounts in millions)
Loans Receivable
Direct Loans
Foreign Military Loan Liquidating Account
$
2,683.2
$
2,865.6
Military Housing Privatization Initiative
212.1
191.7
Foreign Military Financing Account
92.7
573.5
Military Debt Reduction Financing Account
219.0
224.3
Total Direct Loans
3,207.0
3,855.1
Defaulted Loan Guarantees
Armament Retooling & Manufacturing Support Initiative
0.1
0.0
Total Default Loan Guarantees
0.1
0.0
Total Loans Receivable
3,207.1
3,855.1
Loan Guarantee Liability
Military Housing Privatization Initiative
24.7
23.8
Armament Retooling & Manufacturing Support Initiative
0.3
13.0
Total Loan Guarantee Liability
$
25.0
$
36.8
Loans receivable, net, or value of assets related to loans, is not the same as the proceeds the Department would expect to
receive from selling the loans.
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