Section 202 Supportive Housing for the Elderly Act of 2008

Section 202 Supportive Housing for the Elderly Act of 2008 - Amends the Housing Act of 1959 regarding project rental assistance for supportive housing for the elderly.

Changes from discretionary to mandatory the authority of the Secretary of Housing and Urban Development (HUD) to adjust the annual amount of a contract for project rental assistance to provide for reasonable project costs.

Directs the Secretary to delegate review and processing of selected capital advance projects to a state or local housing agency meeting specified criteria.

States that owner deposits shall be used only to cover operating deficits during the first three years of operations and shall not be used to cover construction shortfalls or inadequate initial project rental assistance amounts.

Allows a national private nonprofit organization that owns multiple housing projects assisted under such Act to satisfy the local governing board requirement by having a local advisory board to its national governing board.

Requires the Secretary to permit an owner of assisted housing to give a preference in tenant selection to the homeless elderly.

Amends the American Homeownership and Economic Opportunity Act of 2000 to revise requirements governing: (1) prepayment of debt for project-based rental housing assistance programs; (2) use of unexpended amounts; and (3) use of project residual receipts.

Sets forth requirements governing senior preservation rental assistance contracts in order to: (1) prevent displacement of elderly project residents in the case of refinancing or recapitalization; and (2) further project preservation and affordability.

Directs the Secretary to carry out a demonstration program to sell to state housing finance agencies portfolios of mortgages associated with loans related to supportive housing for the elderly.

Expands the definition of assisted living facility with respect to grants for conversion of elderly housing to such facilities.

Amends the United States Housing Act of 1937 with respect to rental assistance on behalf of a family that uses an assisted living facility as a principal place of residence. Provides that a family may be required at the time it initially receives such assistance to pay rent in an amount exceeding 40% of its monthly adjusted income.

Prohibits the Secretary from imposing conditions that restrict the use of sale or refinancing proceeds, or require the filing of a financial report, in connection with a sale or refinancing of a multifamily housing project, or the transfer of an assistance contract on such a property, that requires HUD approval unless such condition is: (1) expressly authorized by an existing contract between the Secretary and the project owner; or (2) a general condition for new financing with a mortgage insured by the Secretary.

Requires the Secretary to establish and operate a national senior housing clearinghouse.