Affordable Housing Preservation Act of 2004

Affordable Housing Preservation Act of 2004 - Directs the Secretary of Housing and Urban Development to make matching grants to States (40 percent) and localities (60 percent) to supplement State and local assistance for the preservation and promotion of low-income housing.

States that grants shall be: (1) used for housing project acquisition, rehabilitation, capital expenditures, and related development costs; or (2) to eligible nonprofit entities for operational, working capital, and organizational expenses, and predevelopment activities to acquire housing that will remain affordable for low-income or very low-income families.

Sets forth eligibility requirements for: (1) projects with Department of Housing and Urban Development-insured mortgages; (2) projects with section 8 project based assistance; (3) projects purchased by residents; and (4) rural rental assistance projects.