Bill > S3962

This bill, titled the Housing and Economic Development Act, aims to improve how two government agencies, the Department of Housing and Urban Development (HUD) and the Economic Development Administration (EDA), work together. Specifically, it requires the heads of these agencies to create a formal agreement, like a memorandum of understanding, to boost collaboration on projects that receive funding from both HUD and EDA for building housing and fostering economic growth. This agreement would focus on practical steps such as aligning application review timelines, using consistent language in funding announcements, simplifying reporting requirements for applicants, and designating specific contacts to help with jointly funded projects. The bill also mandates that the agencies identify obstacles to their cooperation and explore future opportunities for joint projects that align with their shared objectives, as well as share research and market data to support informed decision-making. Furthermore, within a year of the bill becoming law, HUD and EDA must jointly report to Congress with recommendations on how to make these joint construction projects more efficient and easier to collaborate on in the future.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3962/all-info