A bill to amend title I of the Housing and Community Development Act of 1974 to broaden the eligibility for section 108 loan guarantees.

Amends the Housing and Community Development Act of 1974 to authorize the Secretary of Housing and Urban Development to guarantee certain obligations of units of general local government eligible for urban development action grants under the Housing and Community Development Act of 1977. Authorizes the guarantee of obligations incurred by such units of local government in financing specified community development activities, including: (1) the acquisition of real property; (2) the construction of public facilities, site improvements, and utilities; and (3) the equipping of commercial or industrial buildings and real property improvements.