Public Housing Asset Management Improvement Act of 2008 - Prohibits the Secretary of Housing and Urban Development from imposing restrictions or limitations on the amount of management and related fees for a public housing project which the public housing agency (PHA) determines reasonable, unless such restriction or limitation: (1) is determined pursuant to a negotiated rulemaking convened by the Secretary no earlier than April 1, 2009, with representatives from interested parties; and (2) is effective only on or after January 1, 2011.
Allows any PHA that owns or operates fewer than 500 public housing units under the United States Housing Act of 1937 to elect to be exempt from asset management requirements imposed by the Secretary.
Prohibits the Secretary from imposing any requirement, regulation, or guideline relating to asset management that restricts or limits in any way the use by PHAs of amounts for Capital Fund assistance for costs of any PHA central office.
Requires the Secretary to ensure that PHAs encourage the reasonable efforts of resident tenant organizations to represent their members and of tenants to organize.
Makes illegal immigrants ineligible for financial assistance under this Act.
Prohibits the Secretary from accepting as reasonable any management or related fees for enforcing a dwelling lease or other similar agreement that requires the registration of or prohibits the possession of firearms by an individual for personal protection or for sport, if the possession is not prohibited, or the registration is not required, by existing law.
Amends the United States Housing Act of 1937 to convert current community service requirements (and related exemptions) for adult residents of public housing projects to make them optional at the discretion of a PHA.
Amends the Anti-Drug Abuse Act of 1988 to authorize appropriations for FY2009-FY2011. Expands the scope of eligible activities that may be conducted under public and assisted housing drug elimination programs.