Neighborhood Conservation Act

[AI summary unavailable — showing source text] Neighborhood Conservation Act - Declares it to be the purpose of this Act to encourage the preservation of older neighborhoods which are threatened with blight and housing abandonment and to stimulate the broadscale conservation and upgrading of existing low and moderate income housing by establishing a program of neighborhood conservation grants and a new program of mortgage insurance designed to generate private capital for housing repairs, maintenance, and rehabilitation. Authorizes the Secretary of Housing and Urban Development to make grants to cities, municipalities, counties and other general purpose units of local government to assist them in carrying out such programs. States that such grants may cover a period of not to exceed five years and may provide one hundred percent of the cost of activities set forth in this Act. Provides that to be eligible for grants under this Act a locality, acting through its chief executive authority, shall designate a specific area and prepare and submit to the Secretary a plan specifying: (1) the improvements in basic community facilities and services to be made in such area over the five year period in which such improvements shall be mad…