A bill to amend title I of the Housing and Community Development Act of 1974 to revise the allocation formula for assistance under such title, and to provide increased authorizations to carry out programs under such title.

[AI summary unavailable — showing source text] Revises the Housing and Community Development Act: (1) to provide that 70 percent of the amount appropriated for grants to help finance Community Development Programs be allocated to metropolitan areas; (2) to provide that 30 percent of the amount appropriated for such grants be allocated to units of local government and areas of States outside of metropolitan areas; (3) to set aside a portion of such grants for use by Indian tribes; and (4) to increase from $8,400,000,000 to $8,825,000,000 the amount of obligations which the Secretary of Housing and Urban Development is authorized to incur in the form of grant agreements.…