A bill to amend the United States Housing Act of 1937 in order to provide public housing agencies more flexibility in the use of funds allocated to them.

Amends the United States Housing Act of 1937 to permit public housing agencies to use all or part of the Federal funds allocated to them for the development and acquisition of lower income housing projects (excluding those funds provided for assistance payments to owners of such projects or comprehensive improvement assistance) to pay for the operation of such projects.