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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Pension Interest Rate Relief Act of
2002''.

SEC. 2. INTEREST RATE RANGE FOR ADDITIONAL FUNDING REQUIREMENTS.

(a) Amendments to the Internal Revenue Code of 1986.--
(1) Special rule.--Clause (i) of section 412(l)(7)(C) of
the Internal Revenue Code of 1986 (relating to interest rate)
is amended by adding at the end the following new subclause:
''(III) Special rule for 2001
through 2004.--For a plan year
beginning in 2001, 2002, 2003 or 2004,
notwithstanding subclause (I), in the
case that the rate of interest used
under subsection (b)(5) exceeds the
highest rate permitted under subclause
(I), the rate of interest used to
determine current liability under this
subsection may exceed the rate of
interest otherwise permitted under
subclause (I); except that such rate of
interest shall not exceed 120 percent
of the weighted average referred to in
subsection (b)(5)(B)(ii).''
(2) Quarterly contributions.--Subsection (m) of section 412
of such Code is amended by adding at the end the following new
paragraph:
''(7) Special rule for 2005.--In any case in which the
interest rate used to determine current liability is determined
under subsection (l)(7)(C)(i)(III) for purposes of applying
paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005,
the current liability for the preceding plan year shall be
redetermined using 105 percent as the specified percentage
determined under subsection (l)(7)(C)(i)(II).''
(b) Amendments to the Employee Retirement Income Security Act of
1974.--
(1) Special rule.--Clause (i) of section 302(d)(7)(C) of
the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1082(d)(7)(C)) is amended by adding at the end the following
new subclause:
''(III) Special rule for 2001
through 2004.--For a plan year
beginning in 2001, 2002, 2003 or 2004,
notwithstanding subclause (I), in the
case that the rate of interest used
under subsection (b)(5) exceeds the
highest rate permitted under subclause
(I), the rate of interest used to
determine current liability under this
subsection may exceed the rate of
interest otherwise permitted under
subclause (I); except that such rate of
interest shall not exceed 120 percent
of the weighted average referred to in
subsection (b)(5)(B)(ii).''
(2) Quarterly contributions.--Subsection (e) of section 302
of such Act (29 U.S.C. 1082) is amended by adding at the end
the following new paragraph:
''(7) Special rule for 2005.--In any case in which the
interest rate used to determine current liability is determined
under subsection (d)(7)(C)(i)(III) for purposes of applying
paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005,
the current liability for the preceding plan year shall be
redetermined using 105 percent as the specified percentage
determined under subsection (d)(7)(C)(i)(II).''
(c) PBGC.--Clause (iii) of section 4006(a)(3)(E) of the Employee
Retirement Income Security of Act 1974 (29 U.S.C. 1306(a)(3)(E)) is
amended by adding at the end the following new subclause:
''(IV) In the case of plan years beginning after December 31, 2001,
and before January 1, 2005, subclause (II) shall be applied by
substituting '100 percent' for '85 percent' and by substituting '115
percent' for '100 percent'. Subclause (III) shall be applied for such
years without regard to the preceding sentence. Any reference to this
clause by any other sections or subsections (other than sections 4010,
4011 and 4043) shall be treated as a reference to this clause without
regard to this subclause.''
(d) Amendments to Retirement Protection Act of 1994.--
(1) Transition rule made permanent.--Paragraph (1) of
section 769(c) of the Retirement Protection Act of 1994 is
amended--
(A) by striking ''transition'' each place it
appears in the heading and the text, and
(B) by striking ''for any plan year beginning after
1996 and before 2010''.
(2) Special rules.--Paragraph (2) of section 769(c) of the
Retirement Protection Act of 1994 is amended to read as
follows:
''(2) Special rules.--The rules described in this paragraph
are as follows:
''(A) For purposes of section 412(l)(9)(A) of the
Internal Revenue Code of 1986 and section 302(d)(9)(A)
of the Employee Retirement Income Security Act of 1974,
the funded current liability percentage for any plan
year shall be treated as not less than 90 percent.
''(B) For purposes of section 412(m) of the
Internal Revenue Code of 1986 and section 302(e)(9) of
the Employee Retirement Income Security Act of 1974,
the funded current liability percentage for any plan
year shall be treated as not less than 100 percent.
''(C) For purposes of determining unfunded vested
benefits under section 4006(a)(3)(E)(iii) of the
Employee Retirement Income Security Act of 1974, the
mortality table shall be the mortality table used by
the plan.''.
(3) Effective date.--The amendments made by this subsection
shall apply to plan years beginning after December 31, 2001.
Pension Interest Rate Relief Act of 2002 - Amends the Internal Revenue Code and Employee Retirement Income Security Act of 1974 by increasing, for plan years beginning 2001 through 2004, the permissible interest rate range used to determine additional funding requirements for certain benefit plans which are not multiemployer plans.Sets forth a special rule regarding the interest rate used to determine liability for plan years beginning in 2005.Amends the Retirement Protection Act of 1994 to establish special rules relating to funding liability percentages and the mortality table to be used for purposes of determining unfunded vested benefits.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''American Missile Protection Act of
1998''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) The threat of weapons of mass destruction delivered by
long-range ballistic missiles is among the most serious
security issues facing the United States.
(A) In a 1994 Executive Order, President Clinton
certified, that ''I ... find that the proliferation of
nuclear, biological, and chemical weapons ('weapons of
mass destruction') and the means of delivering such
weapons, constitute an unusual and extraordinary threat
to the national security, foreign policy, and economy
of the United States, and hereby declare a national
emergency to deal with that threat.'' This state of
emergency was reaffirmed in 1995, 1996, and 1997.
(B) In 1994 the President stated, that ''there is
nothing more important to our security and the world's
stability than preventing the spread of nuclear weapons
and ballistic missiles''.
(C) Several countries hostile to the United States
have been particularly determined to acquire missiles
and weapons of mass destruction. President Clinton
observed in January of 1998, for example, that ''Saddam
Hussein has spent the better part of this decade, and
much of his nation's wealth, not on providing for the
Iraqi people, but on developing nuclear, chemical and
biological weapons and the missiles to deliver them''.
(D) In 1996, the Senate affirmed that, ''it is in
the supreme interest of the United States to defend
itself from the threat of limited ballistic missile
attack, whatever the source.''
(2) The long-range ballistic missile threat to the United
States is increasing.
(A) Several adversaries of the United States have
stated their intention to acquire intercontinental
ballistic missiles capable of attacking the United
States.
(i) Libyan leader Muammar Qaddafi has
stated, ''If they know that you have a
deterrent force capable of hitting the United
States, they would not be able to hit you. If
we had possessed a deterrent--missiles that
could reach New York--we would have hit it at
the same moment. Consequently, we should build
this force so that they and others will no
longer think about an attack.''
(ii) Abu Abbas, the head of the Palestine
Liberation Front, has stated, ''I would love to
be able to reach the American shore, but this
is very difficult. Someday an Arab country will
have ballistic missiles. Someday an Arab
country will have a nuclear bomb. It is better
for the United States and for Israel to reach
peace with the Palestinians before that day.''
(iii) Saddam Hussein has stated, ''Our
missiles cannot reach Washington. If we could
reach Washington, we would strike if the need
arose.''
(iv) Iranian actions speak for themselves.
Iran's aggressive pursuit of medium-range
ballistic missiles capable of striking Central
Europe--aided by the continuing collaboration
of outside agents--demonstrates Tehran's intent
to acquire ballistic missiles of ever-
increasing range.
(B) Over 30 non-NATO countries possess ballistic
missiles, with at least 10 of those countries
developing over 20 new types of ballistic missiles.
(C) From the end of World War II until 1980,
ballistic missiles were used in one conflict. Since
1980, thousands of ballistic missiles have been fired
in at least six different conflicts.
(D) The clear trend among countries hostile to the
United States is toward having ballistic missiles of
greater range.
(i) North Korea first acquired 300-
kilometer range Scud Bs, then developed and
deployed 500-kilometer range Scud Cs, is
currently deploying the 1000-kilometer range
No-Dong, and is developing the 2000-kilometer
range Taepo-Dong 1 and 6000-kilometer range
Taepo-Dong 2, which would be capable of
striking Alaska and Hawaii.
(ii) Iran acquired 150-kilometer range CSS-
8s, progressed through the Scud B and Scud C,
and is developing the 1300-kilometer range
Shahab-3 and 2000-kilometer range Shahab-4,
which would allow Iran to strike Central
Europe.
(iii) Iraq, in a two-year crash program,
produced a new missile, the Al-Hussein, with
twice the range of its Scud Bs.
(iv) Experience gained from extending the
range of short- and medium-range ballistic
missiles facilitates the development of
intercontinental ballistic missiles.
(E) The technical information, hardware, and other
resources necessary to build ballistic missiles are
increasingly available and accessible worldwide.
(i) Due to advances in information
technology, a vast amount of technical
information relating to ballistic missile
design, much of it formerly classified, has
become widely available and is increasingly
accessible through the Internet and other
distribution avenues.
(ii) Components, tools, and materials to
support ballistic missile development are
increasingly available in the commercial
aerospace industry.
(iii) Increasing demand for satellite-based
telecommunications is adding to the demand for
commercial Space Launch Vehicles, which employ
technology that is essentially identical to
that of intercontinental ballistic missiles. As
this increasing demand is met, the technology
and expertise associated with space launch
vehicles also proliferate.
(F) Russia and China have provided significant
technical assistance to rogue nation ballistic missile
programs, accelerating the pace of those efforts. In
June of 1997, the Director of Central Intelligence,
reporting to Congress on weapons of mass destruction-
related equipment, materials, and technology, stated
that ''China and Russia continued to be the primary
suppliers, and are key to any future efforts to stem
the flow of dual-use goods and modern weapons to
countries of concern.''
(G) Russia and China continue to engage in missile
proliferation.
(i) Despite numerous Russian assurances not
to assist Iran with its ballistic missile
program, the Deputy Assistant Secretary of
State for Nonproliferation testified to the
Senate, that ''the problem is this: there is a
disconnect between those reassurances, which we
welcome, and what we believe is actually
occurring.''
(ii) Regarding China's actions to
demonstrate the sincerity of its commitment to
nonproliferation, the Director of Central
Intelligence testified to the Senate on January
28, 1998, that, ''the jury is still out on
whether the recent changes are broad enough in
scope and whether they will hold over the
longer term. As such, Chinese activities in
this area will require continued close
watching.''
(H) The inability of the United States to defend
itself against weapons of mass destruction delivered by
long-range ballistic missile provides additional
incentive for hostile nations to develop long-range
ballistic missiles with which to threaten the United
States. Missiles are widely viewed as valuable tools
for deterring and coercing a vulnerable United States.
(3) The ability of the United States to anticipate future
ballistic missile threats is questionable.
(A) The Intelligence Community has failed to
anticipate many past technical innovations (for
example, Iraq's extended-range Al-Hussein missiles and
its development of a space launch vehicle) and outside
assistance enables rogue states to surmount traditional
technological obstacles to obtaining or developing
ballistic missiles of increasing range.
(B) In June of 1997, the Director of Central
Intelligence reported to Congress that ''many Third
World countries--with Iran being the most prominent
example--are responding to Western counter-
proliferation efforts by relying more on legitimate
commercial firms as procurement fronts and by
developing more convoluted procurement networks.''
(C) In June of 1997, the Director of Central
Intelligence stated to Congress that ''gaps and
uncertainties preclude a good projection of exactly
when 'rest of the world' countries will deploy ICBMs.''
(D) In 1997, the Director of Central Intelligence
testified that Iran would have a medium-range missile
by 2007. One year later the Director stated, ''since I
testified, Iran's success in getting technology and
materials from Russian companies, combined with recent
indigenous Iranian advances, means that it could have a
medium-range missile much sooner than I assessed last
year.'' Department of State officials have testified
that Iran could be prepared to deploy such a missile as
early as late 1998, nine years earlier than had been
predicted one year before by the Director of Central
Intelligence.
(4) The failure to prepare adequately for long-range
ballistic missile threats could have severe national security
and foreign policy consequences for the United States.
(A) An attack on the United States by a ballistic
missile equipped with a weapon of mass destruction
could inflict catastrophic death or injury to citizens
of the United States and severe damage to their
property.
(B) A rogue state's ability to threaten the United
States with an intercontinental ballistic missile may
constrain the United States' options in dealing with
regional threats to its interests, deter the United
States from taking appropriate action, or prompt allies
to question United States security guarantees, thereby
weakening alliances of the United States and the United
States' world leadership position.
(5) The United States must be prepared for rogue nations
acquiring long-range ballistic missiles armed with weapons of
mass destruction.
(A) In its resolution of ratification for the START
II Treaty, the United States Senate declared that
''because deterrence may be inadequate to protect the
United States against long-range ballistic missile
threats, missile defenses are a necessary part of new
deterrent strategies.''
(B) In September of 1994, Secretary of Defense
Perry stated that in the post-Cold War era, ''we now
have opportunity to create a new relationship based not
on MAD, not on Mutual Assured Destruction, but rather
on another acronym, MAS, or Mutual Assured Safety.''
(C) On February 12, 1997, the Under Secretary of
Defense for Policy testified to the Senate that ''I and
the administration are quite willing to acknowledge
that if we saw a rogue state, a potential proliferant,
beginning to develop a long-range ICBM capable of
reaching the United States, we would have to give very,
very serious attention to deploying a limited national
missile defense.''
(6) The United States has no defense deployed against
weapons of mass destruction delivered by long-range ballistic
missiles and no policy to deploy such a national missile
defense system.

SEC. 3. NATIONAL MISSILE DEFENSE POLICY.

It is the policy of the United States to deploy as soon as is
technologically possible an effective National Missile Defense system
capable of defending the territory of the United States against limited
ballistic missile attack (whether accidental, unauthorized, or
deliberate).
American Missile Protection Act of 1998 - States as U.S. policy to deploy as soon as technologically possible an effective National Missile Defense system capable of defending U.S. territory against limited ballistic missile attack (whether accidental, unauthorized, or deliberate).

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Jesse Gray Housing Act''.

SEC. 2. FINDINGS AND PURPOSES.

(a) Findings.--The Congress finds that--
(1) the number of rental dwelling units available for lower
income families is insufficient, and the physical condition of
a substantial portion of such dwelling units is inadequate;
(2) Federal housing assistance programs, such as rent
subsidies, vouchers, and other rental and mortgage assistance,
too frequently assist middle and higher income families and do
not meet the demand for housing by lower income families;
(3) such Federal housing assistance programs are not cost-
effective, due to a lack of suitable rental dwelling units
available for lower income families; and
(4) a significant number of families are paying more than
25 percent of their monthly income for rent.
(b) Purposes.--The purposes of this Act are--
(1) to ensure that all families in the United States have
access to rental dwelling units at rents that are not more than
25 percent of their monthly income, and that such rental
dwelling units are decent, safe, and sanitary;
(2) to ensure that all funds for housing assistance by the
Federal Government benefit lower income families by requiring
the Secretary of Housing and Urban Development to propose that
Federal housing assistance be limited to lower income families;
and
(3) to encourage the establishment of a public housing
system that consists of--
(A) projects located throughout metropolitan and
rural areas;
(B) low-density projects, to the extent
practicable; and
(C) dwelling units that are visually
indistinguishable from comparable privately owned
dwelling units.

SEC. 3. CONSTRUCTION OF PUBLIC HOUSING.

Section 5 of the United States Housing Act of 1937 (42 U.S.C.
1437c) is amended by adding at the end the following new subsection:
''(m)(1) The Secretary shall carry out a program for the
construction of 500,000 new dwelling units in public housing during
each of the fiscal years 1998 through 2007.
''(2) There are authorized to be appropriated to carry out this
subsection such sums as may be necessary for each of the fiscal years
1998 through 2007. Any amount appropriated under this paragraph shall
remain available until expended.''.

SEC. 4. REVITALIZATION OF PUBLIC HOUSING.

Section 14(b) of the United States Housing Act of 1937 (42 U.S.C.
1437l(b)) is amended by adding at the end the following new paragraph:
''(3)(A) To the extent approved in appropriation Acts and subject
to subparagraph (B), the Secretary shall make available and contract to
make available financial assistance under this subsection, in addition
to financial assistance made available under paragraphs (1) and (2). In
making assistance available under this paragraph, the Secretary shall
give particular preference to public housing agencies requesting such
assistance for public housing projects that the Secretary determines
would likely have been subject to demolition or disposition under
section 18, as such section was in effect before the date of the
enactment of the Jesse Gray Housing Act.
''(B) For purposes of this paragraph, the aggregate amount of
budget authority that may be obligated for contracts for annual
contributions is increased on October 1 of each of the years 1997
through 2006 by the amount necessary to provide for the revitalization
of 100,000 dwelling units in public housing during each of the fiscal
years 1998 through 2007, respectively.''.

SEC. 5. PROHIBITION OF DEMOLITION AND DISPOSITION OF PUBLIC HOUSING.

(a) In General.--Section 18(a) of the United States Housing Act of
1937 (42 U.S.C. 1437p(a)) is amended by striking ''The Secretary'' and
all that follows and inserting the following: ''The Secretary may not
authorize any public housing agency to demolish or dispose of any
public housing project or any portion of a public housing project.''.
(b) Conforming Amendments.--Section 18 of the United States Housing
Act of 1937 is amended--
(1) by striking subsections (b), (c), (e), and (f);
(2) in subsection (d), by striking ''without obtaining the
approval of the Secretary and satisfying the conditions
specified in subsections (a) and (b)''; and
(3) by redesignating subsections (d) and (g) as subsections
(b) and (c), respectively.

SEC. 6. TENANT RENT CONTRIBUTIONS.

(a) Lower Income Housing Under the United States Housing Act of
1937.--The United States Housing Act of 1937 is amended--
(1) in section 3(a)(1)(A) (42 U.S.C. 1437a(a)(1)(A)), by
striking ''30'' and inserting ''25'';
(2) in section 8(o) (42 U.S.C. 1437f(o)), by striking
''30'' each place it appears and inserting ''25'';
(3) in section 8(u)(2) (42 U.S.C. 1437f(u)(2)), by striking
''30'' and inserting ''25'';
(4) in section 8(y)(2)(A) (42 U.S.C. 1437f(y)(2)(A)), by
striking ''30'' and inserting ''25'';
(5) in section 16(d)(1) (42 U.S.C. 1437n(d)(1)), by
striking ''30'' and inserting ''25'';
(6) in section 23(d) (42 U.S.C. 1437u(d)), by striking
''30'' each place it appears and inserting ''25''; and
(7) in section 304(b) (42 U.S.C. 1437aaa-3(b)), by striking
''30'' and inserting ''25''.
(b) Public Housing Mixed Income New Communities Strategy
Demonstration.--Section 521(e)(4) of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 1437f note) is amended by striking
''30'' and inserting ''25''.
(c) Supportive Housing for the Elderly.--Section 202(c)(3) of the
Housing Act of 1959 (12 U.S.C. 1701q(c)(3)) is amended by striking
''30'' and inserting ''25''.
(d) Supportive Housing for Persons With Disabilities.--Section
811(d)(3) of the Cranston-Gonzalez National Affordable Housing Act (42
U.S.C. 8013(d)(3)) is amended by striking ''30'' and inserting ''25''.
(e) HOME Program.--Section 215(a) of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12745(a)) is amended by striking
''30'' each place it appears and inserting ''25''.
(f) Rent Supplements.--Section 101(d) of the Housing and Urban
Development Act of 1965 (12 U.S.C. 1701s(d)) is amended by striking
''30'' and inserting ''25''.
(g) Rental and Cooperative Housing for Lower Income Families.--
Section 236(f) of the National Housing Act (12 U.S.C. 1715z-1(f)) is
amended--
(1) in paragraphs (1), (2), and (5)(A)(i), by striking
''30'' each place it appears and inserting ''25''; and
(2) in paragraph (1)(ii), by striking ''25'' and inserting
''20''.
(h) Multifamily Property Disposition.--Section 203 of the Housing
and Community Development Amendments of 1978 (12 U.S.C. 1701z-11) is
amended by striking ''30'' each place it appears in subsections (b)(5)
and (g) and inserting ''25''.
(i) Transitional Provisions.--Section 206(d)(6) of the Housing and
Urban-Rural Recovery Act of 1983 (42 U.S.C. 1437a note) is amended by
striking ''30'' and inserting ''25''.
(j) Low-Income Housing Preservation and Resident Homeownership Act
of 1990.--The Low-Income Housing Preservation and Resident
Homeownership Act of 1990 is amended--
(1) in section 218(a)(1)(A) (12 U.S.C. 4108(a)(1)(A)), by
striking ''30'' and inserting ''25''; and
(2) in subparagraphs (D) and (E)(iii) of section 222(a)(2)
(12 U.S.C. 4112(a)(2)), by striking ''30'' each place it
appears and inserting ''25''.
(k) State Preservation Project Assistance.--Section 613(b)(2) of
the Cranston-Gonzalez National Affordable Housing Act (12 U.S.C.
4125(b)(2)) is amended by striking ''30'' and inserting ''25''.
(l) Preserving Existing Housing Investment.--The item relating to
''Housing Programs--preserving existing housing investment'' in title
II of the Departments of Veterans Affairs and Housing and Urban
Development, and Independent Agencies Appropriations Act, 1997 (12
U.S.C. 4101 note) is amended by striking ''30'' and inserting ''25''.
(m) Emergency Low Income Housing Preservation Act of 1987.--In
carrying out the provisions of the Emergency Low Income Housing
Preservation Act of 1987 (12 U.S.C. 1715l note) pursuant to section 604
of the Cranston-Gonzalez National Affordable Housing Act, each
reference in such provisions to 30 percent of adjusted income shall be
considered to refer to 25 percent of adjusted income.
(n) HOPE Homeownership Programs.--Sections 424(b) and 444(b) of the
Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12874(b),
12894(b)) are each amended by striking ''30'' and inserting ''25''.
(o) Native American Housing Assistance.--Section 203(a)(2) of the
Native American Housing Assistance and Self-Determination Act of 1996
(25 U.S.C. 4133(a)(2)) is amended by striking ''30'' and inserting
''25''.
(p) FHA-Insured Assisted Housing.--Section 221 of the National
Housing Act (12 U.S.C. 1715l) is amended by striking ''30'' and
inserting ''25'' in each of the following provisions:
(1) Subparagraph (A) of the last undesignated paragraph of
subsection (f).
(2) Subsection (l)(1).
(q) Affordable Housing Goals for Federal Housing Enterprises.--
Sections 1332(c)(2) and 1333(c)(2) of the Housing and Community
Development Act of 1992 (12 U.S.C. 4562(c)(2), 4563(c)(2)) are each
amended by striking ''30'' and inserting ''15''.
(r) Rural Housing for Lower Income Families.--The Housing Act of
1949 (42 U.S.C. 1471 et seq.) is amended by striking ''30'' and
inserting ''25'' each place it appears in each of the following
sections:
(1) Section 521(a).
(2) Section 530.
(3) Section 542(a).
(s) Federal Home Loan Bank Act.--The Federal Home Loan Bank Act is
amended by striking ''30'' and inserting ''25'' in each of the
following sections:
(1) Section 10(j)(13)(D) (12 U.S.C. 140(j)(13)(D)).
(2) Section 21A(c) (12 U.S.C. 1441a(c))--
(A) in paragraph (4)(A); and
(B) in paragraph (14)(G).
(t) Federal Deposit Insurance Act.--Section 40 of the Federal
Deposit Insurance Act (12 U.S.C. 1831q) is amended by striking ''30''
and inserting ''25'' in each of the following subsections:
(1) Subsection (e)(1).
(2) Subsection (n)(7).
(u) Community Development Block Grants.--Section
104(d)(2)(A)(iii)(I) of the Housing and Community Development Act of
1974 (42 U.S.C. 5304(d)(2)(A)(iii)(I)) is amended by striking ''30''
and inserting ''25''.
(v) New Towns Emergency Relief Demonstration.--Sections 1103(c)(4)
and 1106(d)(1)(A)(iii)(I) of the Housing and Community Development Act
of 1992 (42 U.S.C. 5318 note) are each amended by striking ''30'' and
inserting ''25''.
(w) Exclusion of Certain Income.--Notwithstanding any other
provision of law, for purposes of determining the monthly contribution
to be made by a family under the provisions amended by this section,
the adjusted income of a family shall exclude any income attributable
to any cost-of-living adjustment made after the effective date of this
section in--
(1) any welfare assistance received by such family from a
public agency; or
(2) any benefits received by such family under the Social
Security Act.
(x) Effective Date.--The provisions of, and amendments made by,
this section shall take effect on October 1, 1997.

SEC. 7. REPORT REGARDING FEDERAL HOUSING ASSISTANCE.

The Secretary of Housing and Urban Development, following
consultation with public housing agencies, shall prepare and submit to
the Congress a comprehensive report setting forth a proposal to limit
Federal housing assistance to assistance for public housing in order to
ensure that all funds for housing assistance provided by the Federal
Government benefit lower income families.
Jesse Gray Housing Act - Amends the United States Housing Act of 1937 to direct the Secretary of Housing and Urban Development to carry out a program to construct new public housing units. Authorizes appropriations.
Requires the Secretary to make financial assistance available for public housing projects, especially those likely to be disposed of or demolished.
Prohibits the Secretary from approving a project demolition application.
Reduces lower-income rent contribution and related amounts under: (1) the United States Housing Act of 1937; (2) the Cranston-Gonzalez National Affordable Housing Act; (3) the Housing Act of 1959; (4) the Housing and Urban Development Act of 1965; (5) the National Housing Act; (6) the Housing and Community Development Amendments of 1978; (7) the Housing and Urban-Rural Recovery Act of 1983; (8) the Low-Income Housing Preservation and Resident Homeownership Act of 1990; (9) the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997, (10) the Native American Housing Assistance and Self-Determination Act of 1996; (11) the Housing and Community Development Act of 1992; (12) the Housing Act of 1949; (13) the Federal Home Loan Bank Act; (14) the Federal Deposit Insurance Act; (15) the Housing and Community Development Act of 1974; and (16) the Housing and Community Development Act of 1992. Excludes welfare or social security cost-of-living adjustments from such adjusted income determinations.
Directs the Secretary to prepare a Federal housing assistance report.