STREAMLINING RURAL HOUSING ACT.

SEC. 802. STREAMLINING RURAL HOUSING ACT. (a) In General.—Not later than 180 days after the date of enactment of this Act, the Secretary of Housing and Urban Development and the Secretary of Agriculture shall enter into a memorandum of understanding to— (1) evaluate categorical exclusions under the environmental review process for housing projects funded by amounts from the Department of Housing and Urban Development and the Department of Agriculture; (2) develop a process to designate a lead agency and streamline adoption of Environmental Impact Statements and Environmental Assessments approved by the other Department to construct housing projects funded by both agencies; (3) maintain compliance with environmental regulations under part 58 of title 24, Code of Federal Regulations, as in effect on January 1, 2025, except as required to amend, add, or remove categorical exclusions identified under section 58.35 of title 24, Code of Federal Regulations, through standard rulemaking procedures; and (4) evaluate the feasibility of a joint physical inspection process for housing projects funded by amounts from the Department of Housing and Urban Development and the Department of Agriculture. (b) Report.—Not later than 1 year after the date of enactment of this Act, the Secretary of Housing and Urban Development and the Secretary of Agriculture shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes recommendations for legislative, regulatory, or administrative actions— (1) to improve the efficiency and effectiveness of housing projects funded by amounts from the Department of Housing and Urban Development and the Department of Agriculture; and (2) that do not materially, with respect to residents of housing projects described in paragraph (1)— (A) reduce the safety of those residents; (B) shift long-term costs onto those residents; or (C) undermine the environmental standards of those residents.