LOWER INCOME HOUSING AUTHORIZATION.

SEC. 101. LOWER INCOME HOUSING AUTHORIZATION. (a) Aggregate Budget Authority.— Section 5(c)(6) of the United States Housing Act of 1937 is amended by adding at the end the following new sentence: “The aggregate amount of budget authority that may be obligated for contracts for annual contributions for assistance under section 8, for contracts referred to in paragraphs (7)(A)(iv) and (7)(B)(iv), for grants for public housing, for comprehensive improvement assistance, and for amendments to existing contracts, is increased (to the extent approved in appropriation Acts) by $7,167,000,000 on October 1, 1987, and by $7,300,945,000 on October 1, 1988.”. (b) Utilization of Budget Authority.— Section 5(c)(7) of the United States Housing Act of 1937 is amended to read as follows: “(7) (A) Using the additional budget authority provided under paragraph (6) and the balances of budget authority that become available during fiscal year 1988, the Secretary shall, to the extent approved in appropriations Acts, reserve authority to enter into obligations aggregating— “(i) for public housing grants under subsection (a)(2), not more than $481,320,000, of which amount not more than $144,696,000 shall be available for Indian housing; “(ii) for assistance under subsections (b)(1) and (o) of section 8, not more than $2,415,000,000; “(iii) for assistance under section 8(e)(2), not more than $400,000,000; “(iv) for assistance under section 8 in connection with projects developed under section 202 of the Housing Act of 1959, not more than $1,681,830,000; “(v) for comprehensive improvement assistance grants under section 14, not more than $1,700,000,000; “(vi) for assistance under section 8 for property disposition, not more than $301,700,000; and “(vii) for assistance under section 8 for loan management, not more than $187,150,000. “(B) Using the additional budget authority provided under paragraph (6) and the balances of budget authority that become available during fiscal year 1989, the Secretary shall, to the extent approved in appropriations Acts, reserve authority to enter into obligations aggregating— “(i) for public housing grants under subsection (a)(2), not more than $490,465,000, of which amount not more than $147,445,000 shall be available for Indian housing; 101 STAT. 1821 “(ii) for assistance under subsections (b)(1) and (o) of section 8, not more than $2,458,660,000; “(iii) for assistance under section 8(e)(2), not more than $407,600,000; “(iv) for assistance under section 8 in connection with projects developed under section 202 of the Housing Act of 1959, not more than $1,713,785,000; “(v) for comprehensive improvement assistance grants under section 14, not more than $1,732,300,000; “(vi) for assistance under section 8 for property disposition, not more than $307,430,000; and “(vii) for assistance under section 8 for loan management, not more than $190,705,000. “(C) (i) Any amount available for the conversion of a project to assistance under section 8(b)(1), if not required for such purpose, shall be used for assistance under section 8(b)(1). “(ii) Any amount available for assistance under section 8 for property disposition, if not required for such purpose, shall be used for assistance under section 8(b)(1).”.