((a)) ** Consortia**

((1)) ** In general** Any 2 or more public housing agencies may participate in a consortium for the purpose of administering any or all of the housing programs of those public housing agencies in accordance with this section.

((2)) ** Effect** With respect to any consortium described in paragraph (1)—

((A)) any assistance made available under this subchapter to each of the public housing agencies participating in the consortium shall be paid to the consortium; and

((B)) all planning and reporting requirements imposed upon each public housing agency participating in the consortium with respect to the programs operated by the consortium shall be consolidated.

((3)) ** Restrictions**

((A)) ** Agreement** Each consortium described in paragraph (1) shall be formed and operated in accordance with a consortium agreement, and shall be subject to the requirements of a joint public housing agency plan, which shall be submitted by the consortium in accordance with .section 1437c–1 of this title

((B)) ** Minimum requirements** The Secretary shall specify minimum requirements relating to the formation and operation of consortia and the minimum contents of consortium agreements under this paragraph.

((b)) ** Joint ventures**

((1)) ** In general** Notwithstanding any other provision of law, a public housing agency, in accordance with the public housing agency plan, may—

((A)) form and operate wholly owned or controlled subsidiaries (which may be nonprofit corporations) and other affiliates, any of which may be directed, managed, or controlled by the same persons who constitute the board of directors or similar governing body of the public housing agency, or who serve as employees or staff of the public housing agency; or

((B)) enter into joint ventures, partnerships, or other business arrangements with, or contract with, any person, organization, entity, or governmental unit—

((i)) with respect to the administration of the programs of the public housing agency, including any program that is subject to this subchapter; or

((ii)) for the purpose of providing or arranging for the provision of supportive or social services.

((2)) ** Use and treatment of income** Any income generated under paragraph (1)—

((A)) shall be used for low-income housing or to benefit the residents assisted by the public housing agency; and

((B)) shall not result in any decrease in any amount provided to the public housing agency under this subchapter, except as otherwise provided under the formulas established under section 1437g(d)(2) and 1437g(e)(2) of this title.

((3)) ** Audits** The Comptroller General of the United States, the Secretary, or the Inspector General of the Department of Housing and Urban Development may conduct an audit of any activity undertaken under paragraph (1) at any time.