This bill mandates that the Secretary of the Interior submit a comprehensive report to Congress within one year of enactment, detailing the National Park Service's (NPS) interpretation and application of the Standards for Rehabilitation for the Federal Historic Preservation Tax Incentives program. This report is to be delivered to the House Committee on Natural Resources and the Senate Committee on Energy and Natural Resources. The required report must include ten years of data on Program Application processing, such as average processing times, hold notices, conditions, denials, and approvals. It also demands a description of improvements and recommendations for the Standards to remove barriers for affordable housing development , facilitate the conversion of nonresidential buildings into housing, and integrate energy-efficient upgrades and accessibility features. Furthermore, the report must outline the specific steps the NPS has taken to clarify the Standards for affordable housing and address frequent issues raised by stakeholders. Finally, it requires the Secretary's recommendations for updates to the Standards and their implementation to better align the program with affordable housing needs, protect historic properties from climate risk , and consider economic and technical feasibility.