To condition the receipt of Federal housing funds by a State or political subdivision of a State, or any agency or office thereof, on the preparation of an economic housing impact analysis regarding any new rule proposed by the State, political subdivision, agency, or office that has a significant adverse economic impact on housing construction costs or housing affordability of $50,000,000 or more, and for other other purposes.

SECTION 1. CONDITION ON FEDERAL FUNDING.

    (a) In General.--No Federal housing funds may be provided to a 
State or a political subdivision of a State, or to any agency or office 
thereof, unless the Secretary of Housing and Urban Development 
determines that the State has in effect a State law that--
            (1) requires the preparation of an economic analysis of any 
        housing rule change proposed by the State, political 
        subdivision, agency, or office that may have a significant 
        adverse impact on housing construction costs or housing 
        affordability; and
            (2) satisfies the requirements of section 2 with respect to 
        the contents of such analysis.
    (b) Effective Date.--The condition imposed by subsection (a) shall 
take effect one year after the date of enactment of this Act.

SEC. 2. PROPOSED RULE AND ECONOMIC HOUSING IMPACT ANALYSIS.

    (a) Applicability.--The requirements of this section shall apply 
with respect to any proposed or final rule, unless the State or 
political subdivision of a State, or any agency or office thereof, 
promulgating the rule certifies that the proposed or final rule will 
not, if given force or effect as a final rule, have a significant 
adverse impact on housing construction cost or housing affordability.
    (b) Certification.--Any State or political subdivision of a State, 
or any agency or office thereof, making a certification under 
subsection (a), shall submit to the Secretary a copy of such 
certification and a statement providing the factual basis for such 
certification.
    (c) Public Disclosure.--
            (1) Notice and comment period for proposed rule required.--
                    (A) In general.--Whenever any State or political 
                subdivision of a State, or any agency or office 
                thereof, proposes a rule that will have a significant 
                impact on housing construction costs or housing 
                affordability, the State, political subdivision, 
                agency, or office shall make a public announcement of 
                the proposed rule that--
                            (i) states with particularity the text of 
                        the proposed rule; and
                            (ii) requests any interested persons to 
                        submit to the State, political subdivision, 
                        agency, or office any written analyses, data, 
                        view, or arguments, along with any specific 
                        alternatives to the proposed rule.
                    (B) Timing.--The State, political subdivision, 
                agency, office shall provide reasonable time and 
                opportunity for interested persons to take the actions 
                specified under subparagraph (A)(ii) before 
                promulgation of the proposed rule.
            (2) Notice and comment period for economic housing impact 
        analysis required.--Whenever any State or political subdivision 
        of a State, or any agency or office thereof, proposes a rule 
        that will have a significant adverse impact on housing 
        construction costs or housing affordability, the State, 
        political subdivision, agency, or office shall prepare and make 
        available to the public for comment a copy of the economic 
        housing impact analysis in accordance with subsection (d).
    (d) Economic Housing Impact Analysis.--
            (1) Requirements.--Each economic housing impact analysis 
        shall--
                    (A) describe the impact of the proposed rule on 
                housing construction costs or housing affordability; 
                and
                    (B) be made available to the public for comment at 
                the same time as, and together with, the public 
                announcement of the proposed rule.
            (2) Transmittal to secretary.--Any State, political 
        subdivision, agency, or office that prepares an economic 
        housing impact analysis shall transmit to the Secretary such 
        analysis.
            (3) Contents.--Each economic housing impact analysis 
        required under this subsection shall contain--
                    (A) a description of the reasons why action by the 
                State, political subdivision, agency, or office is 
                being considered;
                    (B) a succinct statement of the objectives of, and 
                legal basis for, the proposed rule;
                    (C) a summary of the significant issues, analyses, 
                and any alternatives to the proposed rule, a summary of 
                the assessment of the State, political subdivision, 
                agency, or office of such issues, analyses, and 
                alternatives;
                    (D) a description of and, where practicable, an 
                estimate of the extent to which the proposed rule will 
                impact housing construction costs or housing 
                affordability, or an explanation of why no such 
                estimate is available; and
                    (E) an identification, to the extent practicable, 
                of all relevant Federal or State rules which may 
                duplicate, overlap, or conflict with the proposed rule.
    (e) Preparation of Analyses.--In complying with the provisions of 
subsection (d), the State, political subdivision, agency, or office may 
provide either a quantifiable or numerical description of the effects 
of a proposed rule or alternatives to the proposed rule, or more 
general descriptive statements if quantification is not practicable or 
reliable.
    (f) Development of Model.--Not later than six months from the date 
of the enactment of this Act, the Secretary shall develop a model 
economic housing impact analysis under this section and shall publish 
such model in the Federal Register. The model analyses shall define the 
primary elements of an economic housing impact analysis to instruct the 
States or political subdivisions of the States, or any agencies or 
offices thereof, on how to carry out and develop the analyses required 
under subsection (d).

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Federal housing funds.--The term ``Federal housing 
        funds'' means funds provided under any program administered by 
        the Secretary of Housing and Urban Development that provides 
        housing assistance to any State or political subdivision of a 
        State, or to any agency or office thereof, including any public 
        housing agency.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
            (3) Significant adverse impact.--The term ``significant 
        adverse impact'', with respect to a rule, means that the rule, 
        if given force or effect as a final rule, will increase housing 
        construction costs or housing affordability for consumers by 
        more than $50,000,000 per year.
            (4) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, the Commonwealth of 
        Puerto Rico, and any other commonwealth, possession, or 
        territory of the United States.

Summary: Conditions the receipt of federal housing funds by a state, political subdivision, or any agency or office thereof on the preparation of a state economic housing impact analysis regarding any new rule proposed by the state, political subdivision, agency or office that has a significant adverse economic impact on housing construction costs or housing affordability in excess of $50 million annually. Sets forth analysis requirements. Requires the Secretary of Housing and Urban Development to develop a model analysis.