Urea Formaldehyde Foam Insulation Corrective Measures Act

Urea Formaldehyde Foam Insulation Corrective Measures Act - Title I: Financial and Other Assistance - Authorizes the Secretary of Housing and Urban Development, through the Federal Housing Administration, to guarantee loans of up to $10,000 and to make interest reduction payments on such loans in order 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 such loans may be used.

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

Provides that a person shall be eligible for assistance under this Act only if such person: (1) owns a home in which the level of formaldehyde gas from such insulation exceeds a level determined by the Secretary to adversely affect the health of residents; (2) incurred expenses in taking corrective measures with respect to such insulation installed after December 31, 1969, and before enactment of this Act; and (3) submits an application within 18 months after 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.

Title II: Denial of Energy Credit - Amends the Internal Revenue Code to deny any residential energy tax credit for expenditures for the installation of urea formaldehyde foam insulation.