1. Short title This Act may be cited as the CDBG Modernization Act of 2024 . 2. Initial study and report (a) Study Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development (in this Act referred to as the Secretary ) shall conduct a study to— (1) analyze and assess the effectiveness of the formulas under paragraphs (1) through (3) of section 106(b) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5306(b) ) Act, and the factors used in such formulas, including the use of the age of housing factor (as such term is defined in section 102(a) of such Act ( 42 U.S.C. 5302(a) )), 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 revised and updated formulas for use under paragraphs (1) through (3) of such section 106(b), or updated factors for use in such formulas, that— (A) more effectively target funding under the Community Development Block Grant Program for community development needs; (B) eliminate any funding inequities that use of such age of housing factor has contributed to under the Program; (C) 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; and (D) more effectively carry out the purposes of the Program under section 101 of such Act. (b) Report Not later than the expiration of the period referred to in subsection (a) of this section, the Secretary shall submit a report to the Congress that— (1) describes the study conducted pursuant to subsection (a) and sets forth any findings and conclusions of such study