Housing and Community Development Act

[AI summary unavailable — showing source text] Housing and Community Development Act - Title I: Community Development Amendments - Amends the Housing and Community Development Act of 1974 by defining "age of housing" and "extent of growth lag". Authorizes funds to be appropriated for the purpose of making grants to States and units of local governments to help finance community development programs, not to exceed: $3,500,000 for fiscal year 1978; $3,650,000 for fiscal year 1979; and $3,800,000 for fiscal year 1980. Limits amounts of appropriated funds which may be used to aid metropolitan cities, urban counties, and other units of local government within metropolitan areas to meet their hold-harmless needs. Authorizes funds not to exceed $400,000,000, to be appropriated for each of the fiscal years 1978,1979, and 1980 for the purpose of assisting severely distressed cities that require supplemental grant assistance in order to alleviate excessive deterioration through neighborhood reclamation and community revitalization. Includes among activities eligible for assistance under this Act: (1) the financing of public or private acquisition for purposes or rehabilitation; and (2) activities carried out by public or private nonprofi…