Urea Formaldehyde Foam Insulation Corrective Measures Act

Urea Formaldehyde Foam Insulation Corrective Measures Act - Authorizes the Secretary of Housing and Urban Development to make grants of up to $10,000 to assist persons in taking corrective measures with respect to urea formaldehyde foam insulation in their homes, or to reimburse persons for measures taken.

Lists expenses for which grant funds may be used.

Authorizes the Secretary to provide technical assistance to help a homeowner identify the presence of formaldehyde foam insulation, detect the level of formaldehyde gas, and take corrective measures.

Conditions a person's eligibility for assistance on: (1) present ownership of a home having amounts of formaldehyde gas from such insulation exceeding specified levels; or (2) past ownership of a home that had or is likely to have had such amounts of formaldehyde gas for which expenses for corrective measures were incurred after December 31, 1969; and (3) submission of an application within 18 months after a notice of the availability of such assistance is published. Prohibits any person from receiving such assistance for more than three homes.

Directs the Secretary to: (1) publish in the Federal Register a notice of the availability of, and application procedures for, such assistance; (2) conduct audits of the use of such assistance; and (3) report to Congress on such assistance program annually.

Authorizes appropriations.