A bill to amend the Consolidated Farm and Rural Development Act.

Amends the Consolidated Farm and Rural Development Act to raise the ceiling on aggregate water and waste facility grants from $300,000,000 in any fiscal year to $750,000,000 in fiscal year 1978, and $1,000,000,000 in any fiscal year thereafter. Raises the amount of each grant from 50 to 75 percent of the development cost of a project. States that, if an association receives a 25 percent grant from other sources, a project's economic feasibility shall be based exclusively on the association's ability to meet normal operation and maintenance costs of the proposed systems.