Amendment includes technical and clarifying changes; replaces the single block grant for Federally assisted housing with two block grants, one for capital needs and the other for operating expenses; increases to 30 percent the portion of public housing units reserved for families with incomes at or below 30 percent of the area median income; requires that 50 percent of assistance provided under the new tenant-based rental assistance voucher program be received by families making 60 percent or less of area median income; caps at 30 percent of income the maximum rent that may be charged to current residents earning 30 percent or less of area median income; establishes a 30 percent rent cap for all current elderly and disabled tenants; provides for the deregulation of 300 housing authorities; allows public housing authorities to convert their housing assistance to tenant-based vouchers under certain circumstances; establishes a commission to analyze the costs of public housing to facilitate cost comparisons; requires housing authority board members who are residents of public housing to be elected by their neighbors; allows a housing authority to enter into contracts with tenants to facilitate a movement from housing assistance into self-sufficiency; and establishes a demonstration program to allow 100 housing authorities to design programs that m.ve tenants from public housing into private home ownership markets.