Neighborhood Preservation Act

Neighborhood Preservation Act - Amends the Housing and Community Development Act of 1974 to require localities to provide as part of their housing assistance plans a plan to identify and reclaim deteriorated housing stock where feasible. Lists acceptable approaches for achieving such objectives.

Amends the Housing Act of 1964 to require the designation of concentrated revitalization areas in which 90 percent of rehabilitation loan funds must be allocated. Replaces the three percent interest rate on such loans with a sliding scale interest rate between three and seven percent. Limits such loans to homeowners with incomes of less than $20,000.