Modernizes the formulas for allocating Community Development Block Grant Program grants to entitlement communities to better target community development needs.
Requires the Secretary of Housing and Urban Development to conduct a study within 12 months to assess the effectiveness of current formulas and develop revised formulas or factors.
The study aims to:
Target funding more effectively for community development needs.
Eliminate funding inequities caused by the current use of the age of housing factor.
Include a re-evaluation element to maintain effective targeting over time.
Carry out the purposes of the Community Development Block Grant Program more effectively.
A report detailing the study’s findings, revised formulas or factors, and their impacts on funding allocation must be submitted to Congress.
Subsequent studies and reports are required every 10 years to assess the effectiveness of the revised formulas or factors and recommend further updates.
The new formulas or factors will be applied to determine the allocation amounts for metropolitan cities and urban counties.
The Secretary of Housing and Urban Development is authorized to adjust allocations for the first 5 fiscal years after enactment to phase in the effects of the amendments and allow for budget adjustments.