State and Local Housing Flexibility Act of 2005

[AI summary unavailable — showing source text] State and Local Housing Flexibility Act of 2005 - Flexible Voucher Act of 2005 - Authorizes the Secretary of Housing and Urban Development (HUD) to make grants to public housing agencies to provide tenant-based and project-based rental assistance, and tenant-based first-time homeownership assistance to low-income individuals. (This program replaces the housing choice voucher program.) Sets forth program provisions. Continues the following section 8 (United States Housing Act of 1937) programs for current beneficiaries: (1) tenant-based rental or homeownership assistance; (2) project-based voucher assistance; and (3) elderly and disabled family assistance. Public Housing Rent Flexibility and Simplification Act of 2005 - Amends the United States Housing Act of 1937 to revise public housing rental payment provisions to provide that public housing dwelling units shall be rented only to and occupied by low-income families that do not own a significant interest in real property and do not have assets exceeding an amount established by the Secretary at the time of their initial occupancy. Requires income reviews at least once every two years, except for elderly or disabled families who sh…