Authorizes the Secretary of the Army (the Secretary) to offer to extend, for one or more periods of 15 years, the current lease involving a parcel of Bureau of Land Management (BLM) land in Fairbanks, Alaska, that was withdrawn for military use and is administered as a part of Fort Wainwright Military Reservation and that contains a 400-home rental housing community (the covered land).
Requires the Secretary, if the Secretary intends to offer any extension of the lease, to provide a written notice of such offer to the current lessee and the Secretary of the Interior before the lease expires.
Authorizes the Secretary, upon the expiration of the lease, to convey the covered land, if the lease is not extended. Requires the concurrence of the Secretary of the Interior for such conveyance.
Allows the Secretary of Defense (DOD) to waive such conveyance requirement if it is determined that the retention and military use of the covered land are in the national security interests of the United States.