Section 8 Voucher Reform Act of 2006 - Amends the United States Housing Act of 1937 to set forth exceptions to the requirement of initial inspection prior to occupancy, especially to allow assistance payments if failure to meet standards results only from non-life threatening conditions.
Prescribes guidelines for income reviews and calculation of income. Directs the Secretary of Housing and Urban Development to make an annual inflation adjustment to exclusions from such calculation.
Instructs the Secretary to implement a Moving to Work Program in which selected public housing agencies may participate.
Authorizes funding for tenant-based vouchers.
Permits a public housing agency, at its discretion, to provide a single grant to be used only as a contribution toward the downpayment for the purchase of a dwelling, in lieu of monthly assistance payments.