This Act may be cited as the Housing and Economic Development Act.

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 projects; (2) identify barriers preventing the Department of Housing and Urban Development and the Economic Development Administration from further coordination and identify future opportunities to promote jointly funded projects that advance shared goals; and (3) share relevant housing-related research and market data that facilitate evidence-based policymaking.

Not later than 1 year after the date of enactment of this Act, the Secretary of Housing and Urban Development and the Assistant Secretary of Commerce for Economic Development shall jointly submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives a report that includes recommendations for legislative, regulatory, or administrative actions to improve the efficiency of, and reduce barriers to future collaboration on, construction projects jointly funded by amounts from the Department of Housing and Urban Development and the Economic Development Administration.