This bill, titled the "Rural Housing Regulatory Relief Act," exempts specific residential housing projects from certain requirements of the National Environmental Policy Act (NEPA). This exemption applies to federal assistance provided for the construction or modification of housing located on designated infill sites under various sections of the Housing Act of 1949. An infill site is defined as land served by existing infrastructure, such as water, sewer, and roads, but explicitly excludes undeveloped greenfields and areas identified as high-risk for natural disasters by the Federal Emergency Management Agency. The legislation aims to reduce the time and administrative costs associated with reviewing applications for these projects, thereby potentially accelerating the development of affordable housing in rural areas. Within five years of enactment, the Secretary of Agriculture is mandated to submit a report to Congress. This report must evaluate whether the exemption reduced application review times and administrative costs, describe its impact on the affordable housing sector in rural America, and offer recommendations for future congressional action regarding NEPA revisions or exemptions.