A bill to improve interagency coordination between the Department of Housing and Urban Development and the Economic Development Administration, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3962 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 3962 To improve interagency coordination between the Department of Housing and Urban Development and the Economic Development Administration, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 2, 2026 Ms. Hassan (for herself and Mr. McCormick) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To improve interagency coordination between the Department of Housing and Urban Development and the Economic Development Administration, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Housing and Economic Development Act''. SEC. 2. MEMORANDUM OF UNDERSTANDING. The Secretary of Housing and Urban Development and the Assistant Secretary of Commerce for Economic Development shall establish a memorandum of understanding, or other appropriate interagency agreement, to-- (1) increase collaboration related to projects approved by and funded by amounts from both the Department of Housing and Urban Development and the Economic Development Administration to construct housing and implement economic development projects, which, where practicable, may include-- (A) coordinating timelines for application review and award decisions; (B) standardizing terminology and definitions used in notices of funding opportunities; (C) issuing joint guidance to reduce any duplicative reporting and administrative burden for applicants and grantees; and (D) establishing clear points of contact at each agency to resolve questions for applicants and grantees regarding jointly funded proj