To designate military installations selected for closure or realignment under a base closure law, and the communities within which such military installations are located, as enterprise zones for purposes of title VII of the Housing and Community Development Act of 1987 and as redevelopment areas for purposes of the Public Works and Economic Development Act of 1965.

Requires each military installation selected for closure or substantial realignment under a base closure law to be designated as: (1) an enterprise zone for purposes of title VII of the Housing and Community Development Act of 1987; and (2) a redevelopment area for purposes of title IV of the Public Works and Economic Development Act of 1965 (making the local community of such military installation eligible for certain developmental financial and other assistance). Requires such designations to be made within 60 days after the recommendation for installation closure or realignment.

Amends the Stewart B. McKinney Homeless Assistance Act to prohibit the Secretary of Housing and Urban Development, in the case of each military installation designated as either an enterprise zone or a redevelopment area, from identifying buildings or other properties at such installation as suitable for housing for the homeless until: (1) such Secretary certifies to the Congress that such buildings or properties are no longer being considered for commercial uses as an enterprise zone; and (2) the Secretary of Commerce makes the same certification with respect to such use as a redevelopment area.