To amend Part 4 of subchapter A of the Community Economic Development Act of 1981 (42 U.S.C. 9814 et. seq.) and to provide assistance to community development corporations and to increase their community development activities, and for other purposes.

Amends the Community Economic Development Act of 1981 to establish a program of community development corporation (CDC) improvement grants.

Directs the Secretary of Health and Human Services to make such grants to CDCs to: (1) establish comprehensive, multiyear, community economic development programs to attract new employment or affordable housing to the very low income communities that CDCs serve; and (2) enhance and expand CDC's capabilities to plan and operate such comprehensive programs. Sets forth authorized uses of grant funds and limitations on certain uses. Sets forth grant terms and conditions and application requirements.

Authorizes appropriations for FY 1991 through 1993 for such grants program.