SEC-920 -- ALLOCATION OF FUNDS UNDER TITLE I OF THE HOUSING AND COMMUNITY 

 
DEVELOPMENT ACT OF 1974.
 
 The Secretary of Housing and Urban Development shall, not later than
July 1, 1991, report to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Banking, Finance and Urban
Affairs of the House of Representatives with respect to the adequacy,
effectiveness, and equity of the formula used for allocations of funds
under title I of the Housing and Community Development Act of 1974, with
specific analysis and recommendations concerning the structure of the
formulas, the eligibility criteria, the formula factors, and the weights
that are assigned to the formula factors. The study should specifically
examine the appropriateness of using the age of housing as a factor and
also consider quality of housing as an additional factor and the
desirability of including at an equal or greater weight the age of
housing and the quality of housing. Based on the Secretary's analysis,
the Secretary shall submit a new formula for the allocation of funds if
the Secretary determines that the study indicates that a new formula is
required to meet the purposes of title I of the Housing and Community
Development Act of 1974. The Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Banking, Finance and Urban
Affairs of the House of Representatives shall hold hearings on the
Secretary's recommendations not later than 60 days after receipt of the
report. The study shall be completed using the data derived from the
1990 census.