S. 3962 — Housing and Economic Development Act

This section directs the Secretary of Housing and Urban Development and the Assistant Secretary of Commerce for Economic Development to establish a memorandum of understanding, or other interagency agreement, to (1) increase collaboration on projects funded by both the Department of Housing and Urban Development (HUD) and the Economic Development Administration (EDA) to construct housing and implement economic development, including—where practicable—coordinating application review timelines, standardizing terminology in funding notices, issuing joint guidance to reduce duplicative reporting, and designating agency points of contact; (2) identify barriers to coordination and opportunities for jointly funded projects advancing shared goals; and (3) share housing-related research and market data to support evidence-based policymaking.

This section directs the Secretary of Housing and Urban Development and the Assistant Secretary of Commerce for Economic Development to jointly submit to the Senate Committees on Banking, Housing, and Urban Affairs and on Commerce, Science, and Transportation and the House Committees on Financial Services and on Energy and Commerce, not later than one year after enactment, a report with recommendations for legislative, regulatory, or administrative actions to improve the efficiency of and reduce barriers to collaboration on construction projects jointly funded by the Department of Housing and Urban Development and the Economic Development Administration.