S. 3962: Housing and Economic Development Act

This bill, titled the Housing and Economic Development Act, aims to enhance cooperation between the Department of Housing and Urban Development (HUD) and the Economic Development Administration (EDA). The key provisions of the bill include:

Memorandum of Understanding

The Secretary of Housing and Urban Development and the Assistant Secretary of Commerce for Economic Development are required to create a memorandum of understanding or similar interagency agreement that focuses on:

• Increasing collaboration: This involves working closely on projects that receive funding from both HUD and the EDA for housing construction and economic development.
• Coordinating timelines: They will aim to align the timelines for reviewing applications and making award decisions for funding.
• Standardizing terminology: To simplify processes, they will standardize the terminology and definitions used in funding opportunities.
• Issuing joint guidance: This will help reduce duplicate reporting and lessen the administrative burden on applicants and grantees.
• Establishing clear contact points: They will create designated contacts at each agency to assist with questions related to jointly funded projects.

Identifying Barriers

The agencies will assess existing barriers that hinder their coordination and explore opportunities to promote projects that meet shared goals, focusing on jointly funded initiatives.

Sharing Research and Data

HUD and the EDA are tasked with sharing relevant research and housing market data to support evidence-based policymaking in their joint initiatives.

Interagency Report

Within one year of the bill becoming law, HUD and EDA must jointly report to various Senate and House committees. This report will include recommendations for future legislative, regulatory, or administrative actions to improve efficiency and remove barriers for collaborative construction projects funded by both agencies.

Relevant Companies

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