A bill to amend section 119 of the Housing and Community Development Act of 1974 to modify the selection criteria for urban development action grants.

Amends the Housing and Community Development Act of 1974 regarding urban development action grant criteria to establish the following selection criteria: (1) the ratio of private investment dollars to grant funds (at least three to one); (2) the ratio of permanent jobs to be created to the amount of grant funds; (3) the proportion of such jobs likely to go to unemployed and poor people and minorities; (4) the project's impact on local revenues; and (5) other appropriate economic benefits.