Department of Veteran Affairs (VA)

$900M+

in positive budget impact delivered through revenue generation & cost avoidance

80+ Projects

monitored across a diverse national portfolio of housing, healthcare, energy, childcare, office, and hospitality assets

20+ Years

of continuous post-transaction oversight, advisory support & methodology development for VA’s EUL program

25+ Years
3 Oversight Systems

standardized nationwide: AOCC, OTS & MIS, enabling consistent compliance and transparent reporting

Designing a Post-Transaction Oversight Framework for Enhanced-Use Leasing of Underutilized Federal Property

Through its Enhanced-Use Leasing (EUL) authority, the Department of Veterans Affairs (VA) has repurposed underutilized federal property to create housing, provide below-market office space, and deliver cost savings and benefits to Veterans. Since 2003, Emax has served as a prime contractor or subcontractor supporting post-transaction oversight and monitoring for the EUL program within the Office of Asset Enterprise Management (OAEM). The multi-billion-dollar portfolio includes more than 80 projects—ranging from transitional and senior housing to hotels, childcare centers, energy facilities, and office buildings. Emax evaluates the financial, operational, and development performance of these projects to ensure long-term program stability and has also provided transaction execution support for lease negotiations and due diligence. 

Challenge

As the EUL program expanded, VA required a reliable and transparent post-transaction oversight framework that could keep pace with the portfolio’s size, diversity, and complexity. To steward its underutilized assets effectively, the VA needed a system capable of: 

  • Ensuring consistent financial and operational performance across a diverse national portfolio 

  • Accurately valuing revenues, cost avoidance, and benefits delivered to Veterans 

  • Monitoring and enforcing long-term lease obligations and compliance requirements 

  • Supporting transparent reporting to OMB, GAO, OIG, and Congress 

  • Standardizing tools and processes to streamline portfolio administration 

A scalable, data-driven oversight framework was essential to protect program integrity, support decision-making, and demonstrate measurable outcomes to federal stakeholders. 

Approach

Emax provides comprehensive analytical and transactional support to strengthen BRAC PMO’s ability to plan, negotiate, and execute federal real property disposals. 

1. Real Property Valuation and Market Analysis 

  • The Emax team conducts valuation analyses which consider  market conditions, highest-and-best-use scenarios, and environmental constraints. 

  • The Emax team performs market and economic research to inform  potential disposal and conveyance strategies. 

  • The Emax team assesses local real estate dynamics, redevelopment potential, and community interest. 

2. Conveyance Strategy Development 

  • The Emax team valuates applicable conveyance mechanisms, including: 

  • No-cost Economic Development Conveyances (EDCs) 

  • Public Benefit Conveyances (PBCs) 

  • Negotiated sales 

  • Public sales and auctions 

  • The Emax team recommends the most advantageous approach based on property conditions, legal requirements, and market demand, in addition to various and DON objectives. 

3. Environmental Impact Evaluation 

  • The Emax team assesses the impact of environmental conditions on property value, redevelopment feasibility, and transaction structure. 

  • The Emax team supports DON in aligning cleanup strategies with both disposal timelines and market expectations. 

  • The Emax team identifies risk factors and integrates them into valuation and negotiation strategies. 

4. Transaction Negotiation and Execution 

  • The Emax team participates in the planning, negotiation, and execution of complex federal real estate transactions. 

  • The Emax team ensures compliance with federal real property regulations, BRAC statutes, and DON policy requirements. 

  • The Emax team negotiates terms that maximize value or cost savings for DON, including post-conveyance obligations and enforcement actions. 

5. Post-Conveyance and Agreement Management 

  • The Emax team assists in managing and assessing post-conveyance actions required under prior agreements. 

  • The Emax team reviews ongoing compliance obligations to protect federal interests and mitigate risk. 

  • The Emax team supports the resolution of issues  that arise during long-term monitoring.

Impact

Emax’s long-term support has strengthened the EUL program’s oversight structure, enhanced transparency, and delivered measurable benefits for Veterans and taxpayers. 

Key outcomes include: 

  • More than $900 million in positive budget impact through revenue generation and cost avoidance 

  • Increased confidence from OMB, GAO, and OIG through consistent, validated methodologies 

  • Transparent annual reporting to Congress as part of VA’s budget submission 

  • Improved monitoring and risk mitigation across a complex real estate portfolio 

  • Expanded availability of transitional and permanent housing, as well as below-market office space, supporting services for Veterans 

Through its structured oversight framework, Emax has helped VA convert underutilized federal property into long-lasting community assets while ensuring accountability, financial integrity, and program resilience. 


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