A bill to amend the Pennsylvania Avenue Development Corporation Act of 1972 to authorize appropriations and further borrowings for implementation of the development plan for Pennsylvania Avenue between the Capitol and the White House, and for other purposes.

(Reported to House from the Committee on Interior and Insular Affairs with an amendment, H. Rept. 97-520)

Amends the Pennsylvania Avenue Development Corporation Act of 1972 to increase the borrowing power of the Pennsylvania Avenue Development Corporation.

Authorizes appropriations for operating and administrative expenses of the Corporation through FY 1988.

Requires the Corporation to give at least 30 days notice to the appropriate congressional committee before the Corporation makes a significant change in the Pennsylvania Avenue Development plan or takes any significant action relating to housing, major structures, historic preservation, office space, or retail uses within the development area.

Requires the Corporation to transmit copies of budget estimates or requests to the appropriate congressional committees.

Requires the Corporation to transmit to Congress, within six months of enactment, an estimate for each fiscal year of the additional funds necessary for the Corporation to carry out the development plan through FY 1990. Requires the Corporation to report annually to the appropriate congressional committees on the actions it has taken, or plans to take, to protect the significant historic and architectural values of structures within its jurisdiction.