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 contracting with a public housing agency unless the Secretary finds that such agency is making all reasonable efforts to encourage resident management of such federally-assisted housing project.

Requires as a condition of entering into a resident management program that a majority of the project's residents approve the establishment of a resident's council to determine the feasibility of establishing a resident management corporation. Requires such residents council and the public housing agency to jointly select a management specialist to help establish a resident management corporation. Requires the corporation to provide insurance and bonding.

Authorizes such a corporation to contract with the public housing agency to establish respective management responsibilities. Authorizes the Secretary to develop an appropriate model contract.

Authorizes the Secretary to publish a list of those Federal requirements which may be waived by such a corporation.

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

Permits a corporation to retain and use excess revenues to: (1) improve maintenance and operation; (2) acquire ownership; and (3) acquire additional housing units.

Requires that such projects be given assistance allocation priority.