; (2) sets forth the revised and updated formulas or factors developed pursuant to subsection (a)(2) and to be used under section 106(b) of such Act, as amended by section 3 of this Act; (3) specifies how such revised and updated formulas or factors shall be counted for purposes of section 106(b)(3) of the Housing and Community Development Act of 1974; (4) identifies how the use of the age of housing factor has contributed to inequities in effectively targeting funding under the Program to community development needs of grantees; and (5) compares the effects of using such revised and updated formulas or factors to the effects of applying paragraphs (1)(B) and (2)(B) of section 106(b) of the Housing and Community Development Act of 1974, as in effect on the date of the enactment of this Act, to determine which grantees are over-subsidized or under-subsidized with respect to community development needs. 3. Subsequent studies and reports (a) Subsequent studies Not later than the expiration of each successive 10-year period after the expiration of the period referred to in section 2(a), the Secretary shall conduct a study to— (1) analyze and assess the effectiveness of the revised and updated formulas or factors set forth pursuant to section 2(b)(2) of this Act in effectively targeting funding under the Community Development Block Grant Program (in this Act referred to as the Program ) for community development needs and in carrying out the purposes of such program under section 101 of such Act ( 42 U.S.C. 5301 ); and (2) develop recommendations regarding revisions and updates to such formulas and factors that— (A) more effectively target funding under the Community Development Block Grant Program for community development needs; (B) include an element that provides for re-evaluation to maintain effective targeting for community development needs of grantees over time and adjusts funding in accordance with such changing needs