A bill to amend the Housing Act of 1949 to provide that certain places within standard metropolitan statistical areas be considered rural areas for purposes of title V of that Act.

Amends the Housing Act of 1949 to classify as rural area for purposes of financial assistance for housing, places within a standard metropolitan area with a population between 10,000 and 20,000 which have a serious lack of mortgage credit as determined by the Secretaries of Agriculture and Housing and Urban Development.

Applies this Act to any application for such financial assistance filed with the Secretary of Agriculture on or after January 1, 1975.