Jesse Gray Housing Act

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 500,000 new public housing units during each of FY 1988 through 1997. Directs the Secretary to: (1) make grants to public housing agencies (PHAs); and (2) enter into contracts with (PHAs) for annual contributions. Limits the aggregate amount of fiscal year budget authority obligated under such contracts. Bases the formula for such amounts on the consumer price index for FY 1989 through 1997. Authorizes FY 1988 through 1997 appropriations.

Requires the Secretary to make financial assistance available for public housing projects, especially those likely to be demolished or disposed of. Increases annually the aggregate amount of contract budget authority necessary to revitalize 100,000 public housing units in each of FY 1988 through 1997.

Prohibits the Secretary from approving a PHA project demolition application. (Currently such approval is permitted if the Secretary makes specified determinations.)

Requires PHAs to carry out job training and employment programs in connection with certain housing construction and revitalization projects. Gives program participation preference to housing residents.

Establishes in the Treasury the National Housing Trust Fund.

Reduces lower income rent contribution amounts under the National Housing Act, the United States Housing Act of 1937, the Housing Act of 1949, the Housing and Urban Development Act of 1965, and the Housing and Urban-Rural Recovery Act of 1983. Excludes welfare or social security cost-of-living adjustments from such adjusted income determinations.

Directs the Secretary to submit to the Congress a comprehensive report concerning proposed limitations on Federal housing assistance to ensure that Federal housing and assistance funds benefit only lower income families.