A bill to provide for the establishment in selected cities and localities of pilot homestead programs under which publicly owned structures will be made available to tenant cooperatives for use in providing low- and moderate-income housing.

States that it is the purpose of this Act to demonstrate the feasibility and effectiveness of homestead programs under which structures owned by cities and localities are turned over to tenant cooperatives for use in providing housing for such individuals and families and thereby encouraging cities and localities to establish such a program.

Directs the Secretary of Housing and Urban Development to provide for the establishment of no fewer than ten pilot homestead programs. States that half of such programs shall be established in predominantly urban areas, and that half shall be established outside of standard metropolitan statistical areas.

Provides for the reimbursement by means of Federal grants-in-aid to cities or localities for tax revenues lost by reason of transfer of housing structures owned by such units to qualified tenant cooperatives for use in homestead programs.

Sets forth the requirements for qualification of tax abatement losses with respect to any homestead programs. Includes the establishment by the Secretary of an overall homestead neighborhood or community revitalization plan and the establishment of a local homestead board.

Enumerates specific minimum standards which must be met to obtain the approval of the Secretary for an overall homestead and neighborhood or community revitalization plan.

Establishes procedures for the selection of the local homestead boards. Sets forth the duties and responsibilities of such boards.

States that ten percent of the funds available for loans by the Secretary to local communities for the redevelopment, rehabilitation, and conservation of blighted areas shall be available for use exclusively for loans to families participating in the homestead program.