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.

Revises the Housing and Community Development Act: (1) to provide that 70 percent of the amount appropriated for grants to help finance Community Development Programs be allocated to metropolitan areas; (2) to provide that 30 percent of the amount appropriated for such grants be allocated to units of local government and areas of States outside of metropolitan areas; (3) to set aside a portion of such grants for use by Indian tribes; and (4) to increase from $8,400,000,000 to $8,825,000,000 the amount of obligations which the Secretary of Housing and Urban Development is authorized to incur in the form of grant agreements.