Homeland Security Grant Management Improvement Act

Homeland Security Grant Management Improvement Act - Amends the Homeland Security Act of 2002 to prohibit the Administrator of the Federal Emergency Management Agency (FEMA) from requiring the recipient of a grant under the Urban Area Security Initiative or the State Homeland Security Grant Program to use a specified percentage of such grant for any one of the specified permitted uses.

Directs the Administrator to: (1) study the use of grant funds for administrative expenses; (2) determine whether 3% of the grant amount is adequate to ensure proper oversight, management, and administration of the grant; and (3) report recommendations on whether such percentage should be adjusted to better reflect administrative costs to grant recipients.

Requires the Administrator to study the feasibility, advantages, and disadvantages of issuing multiyear program guidance for such grants.