The Veterans Housing Opportunity Act directs the Secretary of Housing and Urban Development to establish a pilot program that identifies public housing agencies that are not fully using their HUD-VASH rental vouchers meant for veterans and reallocates those unused vouchers to agencies that can put them to better use. The program aims to help veterans who are homeless or at risk of homelessness by ensuring rental assistance reaches those who need it most. Public housing agencies found to be underutilizing vouchers will receive notice and a grace period to improve their usage before the government recaptures and redistributes their assistance. The pilot program will operate for five years, after which the Secretary must report to Congress on whether the program improved voucher utilization rates and housing outcomes for veterans. Veterans who receive vouchers through this pilot program will be allowed to keep them under the standard HUD-VASH program even after the pilot ends.