Deadline Hollywood first reported that New Line acquired the script, with Cohen to make his feature directing debut and Ferrell to star and produce.
"The House" centers on a suburban dad (Ferrell) and his wife who blow their daughter's college fund, then partner with their neighbors to start an illegal casino and earn back the money.
Ferrell has been engaging in some paternal hijinks lately, also starring with
Cohen and O'Brien's "Neighbors," released by Universal in May, was one of 2014's surprise hits. Directed by Nick Stoller and starring Seth Rogen,
The writing duo also penned the Fox comedy "Mike and Dave Need Wedding Dates," which will re-team them with Efron and is scheduled for a July 2016 bow.