A bill to amend title I of the Housing and Community Development Act of 1974 to revise the allocation formula for assistance under such title, and to provide increased authorizations to carry out programs under such title.

Amends the Housing and Community Development Act to revise the allocation formula for assistance for Community Development programs by increasing the percentage allocated for local governments outside metropolitan areas and decreasing the percentage allocated for metropolitan cities. Increases by $425,000,000 the amount of funds authorized to be appropriated for grants to States and local governments.