HOPE VI Program Reauthorization and Small Community Mainstreet Rejuvenation and Housing Act of 2003

HOPE VI Program Reauthorization and Small Community Mainstreet Rejuvenation and Housing Act of 2003 - (Sec. 2) Amends the United States Housing Act of 1937 to revise criteria for HOPE VI (urban revitalization demonstration program) grants, including addition of criteria regarding tenant displacement, existing tenant occupancy priority, and timeliness of project completion.

Revises the definition of "severely distressed public housing" to include: (1) buildings or projects that include very low-income elderly or nonelderly disabled persons; and (2) areas lacking sufficient affordable housing, transportation, supportive services, economic opportunity, schools, civic and religious institutions, and public services.

Authorizes FY 2004 and 2005 appropriations. Extends program authority through September 30, 2005.

(Sec. 3) Includes within the program's purposes assisting smaller communities to provide affordable low-income housing in connection with main street revitalization or redevelopment projects.

Authorizes main street grants (maximum $1 million per year) to smaller communities for affordable low-income housing in a commercial area in connection with an eligible project.

Requires that a project be focused on: (1) joint public-private revitalization or redevelopment of a historic or traditional commercial area; and (2) affordable housing rather than severely distressed public housing.

Defines "smaller community" as a local government unit that: (1) has a population of under 30,000, and is without a public housing agency; or (2) has a public housing agency that administers 100 or fewer public housing dwelling units.

Defines "affordable housing" as rental or homeownership units that are made available for initial occupancy subject to the same income and occupant contribution rules as dwelling units in public housing projects assisted with HOPE VI grants.

Obligates up to five percent of HOPE VI appropriations for smaller community grants.