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 new public housing units. Authorizes FY 1989 through 1998 appropriations.

Requires the Secretary to make financial assistance available for public housing projects, especially those likely to be disposed of or demolished. Increases annually the aggregate amount of contract budget authority for such purposes through FY 1998.

Prohibits the Secretary from approving a project demolition application.

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

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.