I have succesfully used jira-python with JIRA 7.4. I used this as a sample to print the projects in my instance:
from jira import JIRA
jira = JIRA(server='http://localhost:8080', basic_auth=('myUN', 'myPW'))
projects = jira.projects()
You can see the output is as follows:
[<JIRA Project: key=u'PP', name=u'Portfolio Project', id=u'10000'>, <JIRA Project: key=u'TES', name=u'Testing', id=u'10001'>]
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