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

Amends the United States Housing Act of 1937 to prohibit the Secretary of Housing and Urban Development from renewing or entering into a contract with a public housing agency unless the agency is making efforts to encourage resident management.

Grants comprehensive improvement assistance priority to public housing projects managed by resident management corporations.

Provides, with regard to such projects, for: (1) waiver of specified Federal housing requirements; and (2) retention of excess revenues.