A bill to amend the U.S. Housing Act of 1937 to increase the amount of annual contributions which may be provided thereunder with respect to low-income housing projects, to specify the manner in which annual contributions shall be subject to appropriations acts.

Increases the amounts of annual contributions authorized for the low-income public housing program under the United States Housing Act.

Authorizes the Secretary of Housing and Urban Development to make annual contributions to public housing agencies for the operation of low-income housing projects. Authorizes appropriations of $525,000,000 for fiscal year 1976 and $572,000,000 for fiscal year 1977.

Stipulates that this Act does not affect authority to make annual contributions to low-income housing as it existed prior to July 1, 1975.