112 STAT. 2574 PUBLIC LAW 105-276—OCT. 21, 1998 415 of the Department of Housing and Urban Development— Independent Agencies Appropriations Act, 1988 (Public Law 100- 202; 101 Stat. 1329-213), as in effect on April 25, 1996, shall be eligible for demolition under— (1) section 9 of the United States Housing Act of 1937, as amended by this Act; and (2) section 14 of the United States Housing Act of 1937, as that section existed on the day before the date of the enactment of this Act. 42 USC I437p (c) APPLICABILITY.—Th is section shall take effect on, and the note. amendments made by this section are made on, and shall apply beginning upon, the date of the enactment of this Act. SEC. 532. RESIDENT COUNCILS AND RESIDENT MANAGEMENT COR- PORATIONS. (a) RESIDENT MANAGEMENT.— Section 20 of the United States Housing Act of 1937 (42 U.S.C. 1437r) is amended— (1) in subsection (b)(4), by inserting after "materials" the following: ", rent determination, community service requirements,"; (2) by striking subsection (c) and inserting the following new subsection: "(c) ASSISTANCE AMOUNTS.— A contract under this section for management of a public housing project by a resident management corporation shall provide for— "(1) the public housing agency to provide a portion of the assistance to agency from the Capital and Operating Funds to the resident management corporation in accordance with subsection (e) for purposes of operating the public housing project covered by the contract and performing such other eligible activities with respect to the project as may be provided under the contract; "(2) the amount of income expected to be derived from the project itself (from sources such as rents and charges); "(3) the amount of income to be provided to the project from the other sources of income of the public housing agency (such as interest income, administrative fees, and rents); and "(4) any income generated by a resident management corporation of a public housing project that exceeds the income estimated under the contract shall be used for eligible activities under subsections (d)(1) and (e)(1) of section 9."; (3) in subsection (d), by striking paragraph (3) and redesignating paragraph (4) as paragraph (3); (4) in subsection (e)— (A) by redesignating paragraph (4) as paragraph (6); (B) by striking the subsection designation and heading and all that follows through the end of paragraph (3) and inserting the following: "(e) DIRECT PROVISION OF OPERATING AND CAPITAL ASSIST- ANCE. — "(1) IN GENERAL. — The Secretary shall directly provide assistance from the Operating and Capital Funds to a resident management corporation managing a public housing development pursuant to a contract under this section, but only if— "(A) the resident management corporation petitions the Secretary for the release of the funds;
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