One Strike and You're Out! Act of 2005 - Amends the United States Housing Act of 1937 to exempt a tenant in public housing or housing assisted under the section 8 rental assistance program from the eviction for criminal or drug-related criminal activity provisions if such activity was engaged in by a member of the tenant's household or any guest or other person under the tenant's control and the tenant: (1) is an elderly or disabled person; and (2) did not know and should not have known of the activity, or the tenant or member of household was the victim of the criminal activity.
Requires public housing agencies to report annually on the number of such evictions.