Urban Development Act Of 1970
Definition of 'Urban Development Act Of 1970'
Legislation through the U.S. Department of Housing and Urban Development that introduced the Federal Experimental Housing Allowance Program and Community Development Corporation. The Urban Development Act of 1970 was enacted to establish a national growth policy in the U.S.; to encourage and support sensible growth and development in states, metropolitan regions, counties, cities and towns highlighting new community and inner-city growth; and to amend certain laws regarding housing and urban development.
Also known as the Housing and Urban Development Act of 1970.
Investopedia explains 'Urban Development Act Of 1970'
The U.S. Department of Housing and Urban Development (HUD) was established in 1937 through the U.S. Housing Act of 1937. The Department of Housing and Urban Development Act of 1965 established HUD as a Cabinet-level agency within the U.S. government. The Urban Development Act of 1970 authorized the government to provide greater outlays for housing subsidy programs and rent supplement programs for low and moderate income households.