H.R. 7360: To amend the United States Housing Act of 1937 to permanently authorize the emergency safety and security grant program, and for other purposes.

This bill proposes an amendment to the United States Housing Act of 1937, specifically aimed at establishing and permanently authorizing an emergency safety and security grant program for public housing agencies. Below are the key provisions of the bill:

Emergency Safety and Security Grant Program

The bill establishes a program that aims to enhance safety and security in public housing by providing financial assistance. Here are the main elements:

• Grant Authorization: The Secretary of Housing and Urban Development will create a grant program, which will provide funding to public housing agencies.
• Application Process: Public housing agencies must submit applications to the Secretary to qualify for these grants. They can submit multiple applications for different projects within the program.
• Usage of Funds: The grants received must be used for specific purposes, primarily related to safety and security. This includes:
  • Installation and maintenance of security systems and cameras
  • Fencing and lighting systems
  • Emergency alarm systems, window bars, deadbolt locks, and secure doors
  • Items to detect and address health and safety threats such as carbon monoxide alarms, smoke detectors, and heat detectors
  • Improvements to comply with heating requirements to address extreme temperatures
• Grant Amount Limits: The maximum grant amount awarded to a public housing agency is capped at $250,000 per fiscal year. However, larger agencies, categorized as "extra large" or having more than 5,000 housing units, may receive more.
• Funding Allocation: The bill authorizes an annual appropriation of $225 million to fund the program in the fiscal years following its enactment.

Objective

The primary goal of this bill is to ensure that public housing is safe and secure for residents by funding necessary security and safety enhancements. This is intended to address issues related to crime, drug activity, and various health and safety hazards.

Relevant Companies

• ADT Inc. (ADT) - As a security services company, ADT could see increased demand for their products and services from public housing agencies looking to enhance security features in their properties.
• American Express Company (AXP) - While not directly in the security business, if public housing agencies opt for secure payment systems, companies like American Express might benefit indirectly through increased transactions.