Housing and Community Development Act of 1987

Housing and Community Development Act of 1987 - Title I: Community Development - Amends the Housing and Community Development Act of 1974 to authorize the Secretary of Housing and Urban Development to provide grants to nonprofit organizations to carry out a Nehemiah housing opportunity program to provide loans to families purchasing approved constructed or rehabilitated homes. Requires an annual report to the Congress.

Requires that each loan: (1) be secured by a second mortgage held by the Secretary; (2) not exceed $15,000; (3) be interest-free; and (4) be repayable to the Secretary upon the transfer of such property to an ineligible family under specified circumstances. Sets forth related program requirements, conditions of assistance, and selection criteria.

Establishes in the Treasury the Nehemiah Housing Opportunity Fund.

Authorizes appropriations as provided by a FY 1986 appropriation Act.

Provides a "permanent entitlement" transition for community development block grants of four years for any city that no longer qualifies as a metropolitan city.

Extends the Urban Development Action Grants program through FY 1989 and makes administrative revisions to such program. Includes within such program specified counties in Hawaii for employment-based projects.

Title II: Mortgage Credit and Miscellaneous Provisions - Amends the National Housing Act to increase mortgage limits for multifamily projects in high cost areas.

Amends the Federal National Mortgage Association Charter Act to extend the Government National Mortgage Association mortgage-backed securities program through FY 1987.

Prohibits the imposition of fees on Federal National Mortgage Association and Federal Home Loan Mortgage Corporation transactions. Limits fees on Government National Mortgage Association transactions.

Extends provisions of the Home Mortgage Disclosure Act of 1975 through FY 1989.

Amends the Federal National Mortgage Association Charter Act to make permanent the authorities of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to purchase one-to-four family residential mortgages.

Title III: Homeless Assistance - Part 1: Emergency Food and Shelter Program - Requires the Director of the Federal Emergency Management Agency to constitute an emergency housing and food program national board to carry out an emergency housing and food program. States that such board shall distribute program funds to localities (which shall constitute local boards) with the greatest need for emergency food and housing assistance. Requires the local board to submit to the national board an annual local homeless housing assistance plan. Limits administrative costs to not more than three percent of appropriations. Authorizes FY 1987 through 1989 appropriations.

Directs the Commodity Credit Corporation to coordinate its surplus commodities distribution with such board.

Part 2: Transition to Independence Demonstration Project - Directs the Secretary to make grants for demonstration projects to assist the homeless in the transition to independent living. Requires interim and final reports to the Congress. Authorizes FY 1987 through 1989 appropriations.