The CDBG Modernization Act of 2024 directs the Department of Housing and Urban Development to study and update how Community Development Block Grants are distributed to cities and counties. Currently, the grant formulas use outdated factors, including the age of housing stock, which the bill aims to modernize to better target funds to communities with the greatest needs and eliminate funding inequities. The Secretary must complete this initial study within 12 months of the bill's enactment and submit a report to Congress with new formulas, then repeat this review process every 10 years to ensure the allocation formulas remain effective over time. The bill includes a five-year phase-in period for any changes to grant amounts so that affected communities have time to adjust their budgets. No specific funding amounts are authorized in this legislation, as it primarily establishes a study and formula revision process rather than appropriating new money.
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