‘‘SEC. 3304. DEPOSIT OF PROCEEDS FROM DISPOSALS IN
THE GENERAL FUND OF THE TREASURY.
‘‘All moneys received from the sale of materials re-
quired to be disposed of under subsection (a) or (c) of
section 3302 shall be deposited into the general fund of
the Treasury for the purpose of reducing the Federal
budget deficit.’’.
TITLE 
III—COMMITTEE 
ON
BANKING, 
FINANCE 
AND
URBAN AFFAIRS
SEC. 301. ELIMINATION OF CDBG PROGRAM.
(a) REPEAL.—Title I of the Housing and Community
Development Act of 1974 (42 U.S.C. 5301 et seq.) is here-
by repealed.
(b) TRANSITION.—Any amounts appropriated to
carry out title I of the Housing and Community Develop-
ment Act of 1974 before the date of the enactment of this
Act shall be used in accordance with the provisions of such
title as in effect immediately before the enactment of this
Act.
SEC. 302. REDUCTION OF RENT SUBSIDIES.
(a) UNITED STATES HOUSING ACT OF 1937.—The
United States Housing Act of 1937 (42 U.S.C. 1437 et
seq.) is amended as follows:
(1) GENERAL RULE FOR SECTION 8 AND PUB-
LIC
HOUSING.—In section 3(a)(1)(A), by striking
‘‘30 per centum’’ and inserting ‘‘35 percent’’.
(2) SECTION 8 VOUCHERS.—In section 8(o)—
(A) in paragraph (2), by striking ‘‘30 per
centum’’ and inserting ‘‘35 percent’’; and
(B) in paragraph (11)(B)(ii), by striking
‘‘30 percent’’ and inserting ‘‘35 percent’’.
(3) SECTION 8 ASSISTANCE FOR RENTAL REHA-
BILITATION PROJECTS.—In section 8(u)(2), by strik-
ing ‘‘30 percent’’ and inserting ‘‘35 percent’’.
(4) 
SECTION
HOMEOWNERSHIP
ASSIST-
ANCE.—In section 8(y)(2)(A), by striking ‘‘30 per-
cent’’ and inserting ‘‘35 percent’’.
(5) DISPLACEMENT
ASSISTANCE.—In section
16(d)(1), by striking ‘‘30 percent’’ and inserting ‘‘35
percent’’.
(6) FAMILY SELF-SUFFICIENCY PROGRAM.—In
section 23(d), by striking ‘‘30 percent’’ each place it
appears and inserting ‘‘35 percent’’.
(7) MUTUAL HELP HOMEOWNERSHIP PROGRAM
FOR
INDIAN
HOUSING.—In 
section
202(e)(2)(A)(i)(I), by striking ‘‘30 percent’’ and in-
serting ‘‘35 percent’’.
(b) SECTION 8 ASSISTANCE FOR PRESERVATION OF
STATE-SPONSORED
LOW-INCOME
HOUSING.—Section
613(b)(2) of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 4125(b)(2)) is amended by strik-
ing ‘‘30 percent’’ and inserting ‘‘35 percent’’.
(c) LOW-INCOME HOUSING PRESERVATION PRO-
GRAMS.—
(1) LIHPRH ACT OF 1990.—Effective January
1, 1995, the references in sections 218(a)(1)(A) and
222(a)(2)(D) of the Low-Income Housing Preserva-
tion and Resident Homeownership Act of 1990 (12
U.S.C. 4108(a)(1)(A), 4112(a)(2)(D)) (as in effect
before the date of the enactment of this Act) to 30
percent of the adjusted income of a tenant shall be
considered to mean 35 percent of such adjusted in-
come for purposes of the applicability of the provi-
sions of the Low-Income Housing Preservation and
Resident Homeownership Act of 1990 pursuant to
section 313 of this Act.
(2) ELIHP ACT OF 1987.—Effective January 1,
1995, any reference in the provisions of the Emer-
gency Low Income Housing Preservation Act of
1987 (as in effect before the date of the enactment
of the Cranston-Gonzalez National Affordable Hous-
ing Act) to 30 percent of the adjusted income of a
tenant or family shall be considered to mean 35 per-
cent of such adjusted income, for purposes of the
applicability of the provisions of the Emergency Low
Income Housing Preservation Act of 1987 pursuant
to section 604 of the Cranston-Gonzalez National
Affordable Housing Act and section 313 of this Act.
(d) EFFECTIVE DATE.—The amendments made by
subsections (a) and (b) shall become effective on January
1, 1995.
SEC. 303. PROHIBITION OF EXPANSION OF FEDERAL RENT-
AL ASSISTANCE OBLIGATIONS.
(a) PUBLIC HOUSING.—Section 6 of the United
States Housing Act of 1937 (42 U.S.C. 1437d) is amend-
ed by adding at the end the following new subsection:
‘‘(q) OVERALL LIMITATION ON ASSISTANCE.—Not-
withstanding any other provision of law, in fiscal year
1995 and each fiscal year thereafter, the total number of
dwelling units assisted during the year under contracts
under this section may not exceed the total number of
dwelling units for which a commitment for such assistance
was in effect immediately before the end of fiscal year
1994.’’.
(b) SECTION 8.—Section 8 of the United States
Housing Act of 1937 (42 U.S.C. 1437f) is amended by
adding at the end the following new subsection:
‘‘(z) OVERALL LIMITATION ON ASSISTANCE.—Not-
withstanding any other provision of law, in fiscal year
1995 and each fiscal year thereafter, the total number of
families on behalf of which assistance is provided during
the year under any program for assistance pursuant to
this section may not exceed the total number of families
for which a commitment for such assistance was in effect
immediately before the end of fiscal year 1994.’’.
SEC. 304. TRANSFER OF HOUSING ASSISTANCE FROM NEW
CONSTRUCTION TO RENTAL VOUCHERS.
(a) TERMINATION OF ASSISTANCE FOR CONSTRUC-
TION OF PUBLIC HOUSING.—
(1) LOAN AUTHORITY.—After the date of the
enactment of this Act, the Secretary of Housing and
Urban Development may not enter into any new
commitment to make loans under section 4 of the
United States Housing Act of 1937 to public hous-
ing agencies for the development or acquisition of
public housing projects by such agencies.
(2) CONTRIBUTION
AUTHORITY.—After the
date of the enactment of this Act, the Secretary of
Housing and Urban Development may not enter into
any new contract to make contributions under sec-
tion 5 of the United States Housing Act of 1937 to
public housing agencies for the development or ac-
quisition of public housing projects by such agencies.
(3) EXISTING COMMITMENTS.—After the date
of the enactment of this Act, the Secretary of Hous-
ing and Urban Development may make contributions
and loans for the development or acquisition of pub-
lic housing projects only pursuant to legally binding
commitments to make such loans or contracts for
such contributions entered into on or before the date
of the enactment of this Act.
(4) INAPPLICABILITY
TO
INDIAN
HOUSING.—
The provisions of this subsection shall not apply to
public housing developed pursuant to a contract be-
tween the Secretary of Housing and Urban Develop-
ment and an Indian housing authority.
(5) DEFINITIONS.—For purposes of this sub-
section, the terms ‘‘Indian housing authority’’,
‘‘project’’, ‘‘public housing’’, and ‘‘public housing
agency’’ have the meanings given the terms in sec-
tion 3(b) of the United States Housing Act of 1937.
(b) TERMINATION OF ASSISTANCE FOR CONSTRUC-
TION OF SUPPORTIVE HOUSING FOR THE ELDERLY.—
(1) AUTHORITY.—After the date of the enact-
ment of this Act, the Secretary of Housing and
Urban Development may not enter into any new