Bills · S 3962
IN COMMITTEE· 119TH CONGRESS
Senate BillS 3962Housing and Community Development
Housing and Economic Development Act
INTRO MAR 2· LAST ACTION MAR 2
READING
2MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it aims to make federal funding for housing and economic development projects more efficient and less burdensome. Currently, groups applying for money from multiple agencies often face confusing, overlapping, and time-consuming paperwork and processes. If this bill becomes law, it could mean faster approvals, clearer guidelines, and less administrative hassle for local governments and organizations trying to get these crucial projects off the ground.
Without this bill, the existing inefficiencies and duplication between HUD and EDA would likely continue, potentially delaying important housing construction or economic growth initiatives in communities. By improving how these agencies work together, the bill seeks to ensure that taxpayer dollars are used more effectively, potentially leading to more homes being built and more local economies thriving, addressing real issues like housing shortages and job creation.
KEY PROVISIONS
5AI-extractedPROVISION 01
Requires the Department of Housing and Urban Development (HUD) and the Economic Development Administration (EDA) to establish a formal agreement to improve coordination.
This creates a legal requirement for interagency cooperation, which is crucial for streamlining joint projects.
PROVISION 02
The agreement must include coordinating application timelines, standardizing terms in funding notices, and issuing joint guidance to reduce reporting burdens.
These specific measures aim to directly cut down on bureaucratic hurdles and confusion for applicants.
PROVISION 03
The agencies must identify barriers to further coordination and find new opportunities for jointly funded projects.
This proactive step helps ensure continuous improvement in interagency collaboration beyond initial changes.
PROVISION 04
The agencies must share relevant housing research and market data to support evidence-based decision-making.
Access to shared data can lead to more effective and impactful project funding decisions.
PROVISION 05
Mandates a joint report to Congress within one year, recommending further actions to improve efficiency and reduce barriers for jointly funded construction projects.
This ensures accountability and provides a pathway for future legislative or administrative improvements.
SPONSORSHIP
1 + 1
D· New Hampshire
YRS IN OFFICE
9
BILLS LED
55
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 1 IND 0
ACTION TIMELINE
2 EVENTSMAR 2
Introduced in Senate
MAR 2
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 3962
Congress119th
StatusIn Committee
IntroducedMar 2, 2026
Last actionMar 2, 2026
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED MAR 2, 2026
Senate BillS 3962Housing and Community Development
Housing and Economic Development Act
INTRODUCED MAR 2, 2026· LAST ACTION MAR 2, 2026
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
1
COMPLEXITY
Moderate
