Displacement Prevention Act of 2004

[AI summary unavailable — showing source text] Displacement Prevention Act of 2004 - Authorizes the Secretary of Housing and Urban Development to provide grants to maintain the affordability of low- and moderate-income housing to: (1) property owners for property rehabilitation; (2) nonprofit organizations for multifamily property acquisitions; and (3) owners of covered multifamily properties in strong rental markets. Sets forth eligibility provisions, including extension of affordability restrictions. Prioritizes property assistance based upon the: (1) termination date of Federal assistance; (2) number of low-income residents; and (3) extent to which owner assurances of affordability restrictions will exceed periods provided for by this Act. Directs the Secretary to make enhanced housing vouchers (under section 8 of the United States Housing Act of 1937) available to eligible families upon the termination date of an assisted multifamily housing project. Defines such families as: (1) a low-income family; (2) a moderate-income elderly or disabled family; or (3) a family residing in a low vacancy area. Requires the owner of an assisted multifamily housing project who intends to alter or terminate affordability restrictions to not…