Elderly and Handicapped Housing Act of 1983

Elderly and Handicapped Housing Act of 1983 - Amends the Housing Act of 1959 to revise the authority of the Secretary of Housing and Urban Development to make loans for the provision of housing and related facilities for elderly or handicapped families. Authorizes the Secretary to provide assistance in the form of a deferred payment advance in lieu of such a loan to any corporation, consumer cooperative, or public agency or body for the provision of such housing. Conditions such assistance only on the Secretary's finding that: (1) the construction will be undertaken in an economical manner with no extravagant design or materials; and (2) the housing will be affordable for elderly or handicapped families who have no affordable housing alternatives. Limits the amount of such assistance to the total development cost of a project.

Authorizes the Secretary to provide additional assistance to such an entity in an amount not exceeding 75 percent of the total development cost of a project if part of the financing is to be provided by a public housing agency.

Requires repayment of such assistance, with deferred interest, after 20 years. Permits the Secretary to forgive a portion of an advance for each year after 20 years that a project continues to serve elderly and handicapped families, and the entire advance and interest thereon after 40 years of continued service. Directs the Secretary to require that at least 75 percent of the units of a project receiving an advance be made available to lower income families during the initial 20-year period of such advance. Authorizes appropriations.

Requires the rents for lower income families occupying such projects to be determined in accordance with provisions governing the determination of rents for lower income occupants of units assisted under the United States Housing Act of 1937, with certain exceptions.

Directs the Secretary to enter into contracts with owners of assisted projects to make payments to cover the costs of units occupied by lower income families that are not met from project income. Limits: (1) the annual contract amount per project; (2) the aggregate contracting authority of the Secretary per year; and (3) the aggregate amount that may be obligated over the duration of the contracts.