To authorize the Secretary of Housing and Urban Development to provide assistance for privately owned low- and moderate-income housing with expiring Federal subsidies to prevent displacement of low- and moderate-income tenants, and for other purposes.

Displacement Prevention Act of 2004 - Authorizes the Secretary of Housing and Urban Development to provide grants to maintain the affordability of low- and moderate-income housing to: (1) property owners for property rehabilitation; (2) nonprofit organizations for multifamily property acquisitions; and (3) owners of covered multifamily properties in strong rental markets. Sets forth...