101 STAT. 1840
PUBLIC LAW 100-242—FEB. 5, 1988
against loss, theft, embezzlement, or fraudulent acts on the part of the resident management corporation or its employees. Contracts. "(4) MANAGEMENT RESPONSIBIUTIES.—A resident management corporation that qualifies under this section, and that supplies insurance and bonding or equivalent protection sufficient to the Secretary and the public housing agency, shall enter into a contract with the public housing agency establishing the respective management rights and responsibilities of the corporation and the public housing agency. Such contract shall be consistent ^au Hi m with the requirements of this Act applicable to public housing projects and may include specific terms governing management i' personnel and compensation, access to public housing project 8* records, submission of and adherence to budgets, rent collection procedures, tenant income verification, tenant eligibility deter'^^ minations, tenant eviction, the acquisition of supplies and materials, and such other matters as may be appropriate. The contract shall be treated as a contracting out of services and shall be subject to any provision of a collective bargaining agreement regarding contracting out to which the public housing agency is subject. "(5) ANNUAL AUDIT.—The books and records of a resident management corporation operating a public housing project Reports. shall be audited annually by a certified public accountant. A written report of each audit shall be forwarded to the public housing agency and the Secretary. "(c) COMPREHENSIVE IMPROVEMENT ASSISTANCE.—Public housing
projects managed by resident management corporations may be provided with comprehensive improvement assistance under section 14 for purposes of renovating such projects in accordance with such section. If such renovation activities (including the planning and architectural design of the rehabilitation) are administered by a resident management corporation, the public housing agency involved may not retain, for any administrative or other reason, any portion of the assistance provided pursuant to this subsection unless otherwise provided by contract. "(d) WAIVER OF FEDERAL REQUIREMENTS.— "(1) WAIVER OF REGULATORY REQUIREMENTS.—Upon the re-
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quest of any resident management corporation and public housing agency, and after notice and an opportunity to comment is afforded to the affected tenants, the Secretary may waive (for both the resident management corporation and the public housing agency) any requirement established by the Secretary (and not specified in any statute) that the Secretary determines to unnecessarily increase the costs or restrict the income of a public housing project. "(2) WAIVER TO PERMIT EMPLOYMENT.—Upon the request of
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any resident management corporation, the Secretary may, subject to applicable collective bargaining agreements, permit residents of such project to volunteer a portion of their labor. "(3) REPORT ON ADDITIONAL WAIVERS.—Not later than 6 months after the date of the enactment of the Housing and Community Development Act of 1987, the Secretary shall submit to the Congress a report setting forth any additional waivers of Federal law that the Secretary determines are necessary or appropriate to carry out the provisions of this section. In preparing the report, the Secretary shall consult with resident management corporations and public housing agencies.
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