CDBG Modernization Act of 2024

HR 8026, the CDBG Modernization Act of 2024, requires the Department of Housing and Urban Development (HUD) to study and update the formulas used to distribute Community Development Block Grant (CDBG) funds to cities and counties. The bill specifically aims to replace the "age of housing" factor in current formulas, which has created funding inequities, and develop revised formulas that better target resources to communities with the greatest development needs. HUD must submit a report within one year, including updated formulas, and conduct a new study every 10 years to ensure ongoing equitable distribution. This bill directly affects all cities and counties receiving CDBG funds by changing how their allocations are calculated.