Housing and Economic Development Act

This bill, titled the Housing and Economic Development Act , aims to significantly improve interagency coordination between the Department of Housing and Urban Development (HUD) and the Economic Development Administration (EDA). It mandates that the Secretary of HUD and the Assistant Secretary of Commerce for Economic Development establish a memorandum of understanding (MOU) or similar interagency agreement to increase collaboration on jointly funded housing and economic development projects. This MOU will streamline processes by coordinating application timelines, standardizing terminology, issuing joint guidance to reduce administrative burdens, and establishing clear points of contact, while also identifying barriers and sharing relevant data. Furthermore, the bill requires HUD and EDA to jointly submit a report to Congress within one year, offering recommendations for legislative, regulatory, or administrative actions to enhance efficiency and reduce barriers for future collaborative construction projects.