A bill to amend the United States Housing Act of 1937 to encourage resident management of public housing.

Amends the United States Housing Act of 1937 to provide that, as a condition of entering into a resident management program, the elected resident council of a public housing project shall approve the establishment of a resident management corporation.

Requires such council and the public housing agency, in cooperation with the Secretary of Housing and Urban Development, to jointly select a management specialist to help establish the resident management corporation.

Requires the corporation to provide bonding and insurance and to provide for an annual audit.

Authorizes the corporation to contract with the public housing agency to establish respective management rights and responsibilities.

Authorizes the waiver of Federal regulatory requirements, including specified employment wage requirements.

Authorizes for such resident managed projects: (1) comprehensive improvement assistance; (2) retention of excess revenues; and (3) resident management technical assistance and training.

Prohibits Federal subsidy reductions during the first three years of resident management.