(a) PHAs shall manage their properties according to an asset management model, consistent with the management norms in the broader multi-family management industry. PHAs shall also implement project-based management, project-based budgeting, and project-based accounting, which are essential components of asset management. The goals of asset management are to:
(1) Improve the operational efficiency and effectiveness of managing public housing assets;
(2) Better preserve and protect each asset;
(3) Provide appropriate mechanisms for monitoring performance at the property level; and
(4) Facilitate future investment and reinvestment in public housing by public and private sector entities.
(b) HUD recognizes that appropriate changes in its regulatory and monitoring programs may be needed to support PHAs to undertake the goals identified in paragraph (a) of this section.