A bill to amend the United States Housing Act of 1937 to extend the authorization for contracts for annual contributions.

Extends the authorization for contracts for annual contribution under the United States Housing Act of 1937.

Authorizes an additional $850,000,000 to be appropriated in public housing contract authority for fiscal year 1977 and an additional $1,350,000,000 in such authority for fiscal year 1978 and beyond.

Requires that at least $250,000,000 of the new public housing contract authority will be made available to finance the construction of new public housing units.

Authorizes $60,000,000 to be appropriated for modernization of existing public housing units.

Authorizes $600,000,000 per year to be appropriated for operating subsidies for conventional public housing.