This bill requires the Department of Housing and Urban Development (HUD) to prescribe, or amend existing, regulations concerning the siting of HUD-assisted projects near hazardous operations handling conventional fuels or chemicals of an explosive or flammable nature to include as an exception from the definition of the term "hazard" any stationary container which stores, handles, or processes hazardous substances of an explosive or fire-prone nature that: (1) has a capacity of 1,320 gallons or less; (2) is intended to contain common liquid fuels such as gasoline, fuel oil, kerosene, diesel, or crude oil; (3) is sited on land or property that contains a one- to four-family dwelling; and (4) is intended to be used solely by residents of such dwelling and exclusively for non-commercial, non-industrial purposes.