Housing and Urban Development Act

Housing and Urban Development Act - Chapter I: Community Development and Housing Block Grants - Authorizes the Secretary of Housing and Urban Development to make annual grants to States and units of general local government to help finance Community Development Programs approved in accordance with the provisions of this Act.

Sets forth application requirements for such grants. Provides that the Secretary shall review at least annually the performance of recipients of assistance under this part and shall evaluate the continuing capacity of such recipients to carry out in a timely manner the approved Community Development Program.

States that a Community Development Program may include (but is not limited to): (1) the acquisition of real property including air rights, water rights, and other interests therein) which is: (A) blighted, deteriorated, deteriorating, undeveloped, or inappropriately developed from the standpoint of sound community development and growth; (B) necessary for the preservation or restoration of historic sites, the beautification of urban land, the conservation of open spaces, natural resources, and scenic areas, the provision of recreational opportunities, or the guidance of urban development; (C) to be used for the provision of public works, facilities, and improvements eligible for assistance under this part; or (D) to be used for other public purposes; (2) the acquisition, construction, reconstruction, or installation of public works, facilities, and site or other improvements, including neighborhood facilities, historic properties, utilities, streets, street lights, parking facilities, water and sewer facilities, solid waste disposal facilities, foundations and platforms for air rights sites, pedestrian malls, and walkways, parks and playgrounds; (3) code enforcement in deteriorated or deteriorating areas in which such enforcement, together with public improvements and services to be provided, may be expected to arrest the decline of the area; and (4) clearance, demolition, removal, and rehabilitation of buildings and improvements (including financing of the rehabilitation of privately owned nonresidential properties).

Establishes methods for computing the allocation and distribution of funds.

Athorizes the Secretary to make annual grants to States and units of general local government to help finance Housing Assistance Programs approved in accordance with the provisions of this Act.

Sets forth application requirements for such grants. Provides that the Secretary shall review at least annually the performance of recipients of assistance under this part and shall evaluate the continuing capacity of such recipients to carry out in a timely manner the approved Housing Assistance Program.

States that a Housing Assistance Program may include (but is not limited to): (1) grants for the rehabilitation or repair of real property on which is located a single-family dwelling occupied by the owner for the purpose of making the property conform to applicable code requirements; (2) loans to finance the rehabilitation or repair of privately owned residential property, including the refinancing of existing indebtedness; (3) loans to finance the purchase, any needed rehabilitation or repair, and the resale of one-to three-family dwellings; and (4) periodic grants to reduce the payments for principal, interest, taxes, insurance, and mortgage insurance premiums on mortgages covering one-to three-family dwellings purchased for occupancy by the owner.

Establishes methods for computing the allocation and distribution of funds.

Directs the Secretary to encourage the utilization of private enterprise to the maximum extent feasible in the implementation of a community's Housing Assistance Program.

Requires all amounts distributed to recipients under this chapter to be properly accounted for as Federal funds in the accounts of such recipients.

Requires that in the administration of the community developemnt and housing assistance programs under this chapter (1) opportunities for employment arising in connection with the planning, construction, rehabilitation, and operation of housing facilities under such programs be given to lower income persons residing in the area of such housing and facilities to the greatest extent feasible and (2) contracts for work to be performed pursuant to such programs be awarded to businesses located in or owned by persons residing in the area, to the greatest extent feasible.

Chapter II: State Development Agencies - Authorizes the Secretary of Housing and Urban Development to guarantee obligations issued by State development agencies to finance development activities designed to (1) provide housing and related facilities for persons and families of low and moderate income, (2) promote the sound growth and development of neighborhoods through the revitalization of slum and blighted areas, (3) increase and improve employment opportunities for the unemployed and underemployed through the development and redevelopment of industrial, manufacturing, and commercial facilities, and (4) implement the development aspects of State land use and preservation policies, including the advance acquisition of land where it is consistent with such policies.

Authorizes the establishment of a revolving fund to provide for the timely payment of any liabilities incurred as a result of guarantees or grants under this chapter.

Authorizes and directs the Secretary of the Treasury to purchase any obligations issued by the Secretary of Housing and Urban Development for the purpose of carrying out his functions with respect to the guarantees authorized by this Act.

Authorizes the Secretary of Housing and Urban Development to provide technical assistance to State development agencies in connection with planning and carrying out development activities.

Directs that all laborers and mechanics employed by contractors or subcontractors in development activities assisted under this Act be paid wages at rates not less than those prevailing on similar work in the locality.

Enumerates the conditions under which the Secretary may foreclose on any property in connection with which he has provided assistance purauant to this chapter.