To provide for the temporary extension of the certain laws relating to housing and community development.

Deems: (1) Public Law 101-402 (housing and community development extensions) to have taken effect as if such law was enacted on September 29, 1990; (2) the Emergency Low Income Housing Preservation Act of 1987 to have been in effect on and after September 29, 1990, as if Public Law 101-402 had been enacted on September 29, 1990; and (3) the provisions of such Act, other than section 203, to be amended to read as such provisions were in effect on September 29, 1990.

States that if the Cranston-Gonzalez National Affordable Housing Act (S. 566) is enacted before this Act, the above provisions shall be deemed to have taken effect immediately before its enactment. (This Act was signed into law October 31, 1990; the Cranston-Gonzalez Act was signed into law November 28, 1990.)

Amends the Emergency Low Income Housing Preservation Act of 1987 to extend such Act through the earlier of November 30, 1990, or the enactment of S. 566.

Extends through November 30, 1990, under specified conditions: (1) the Interagency Council on the Homeless; and (2) the Federal Housing Administration mortgage loan limit.

Amends the Housing and Community Development Act of 1974 to authorize the Secretary of Housing and Urban Development to allocate section 8 and public housing assistance so that each State shall receive annually at least one-half of one percent of the available funds for such programs.