Public Housing Comprehensive Grant Act

Public Housing Comprehensive Grant Act - Amends the United States Housing Act of 1937 to authorize a public housing agency to use any amounts made available from contributions by the Secretary of Housing and Urban Development (the Secretary).

Authorizes appropriations for FY 1987 and 1988.

Authorizes the Secretary to make financial assistance available to public housing agencies.

Directs the Secretary to determine from appropriated annual amounts the amount necessary to fund the annual accrual of capital improvement needs of public housing agencies and to allocate such sums to each public housing agency based on specified formulae reflecting capital improvement needs.

Requires the Secretary to approve a five-year comprehensive plan submitted by a public housing agency before financial assistance may be made available under this Act (except where conditions constitute an immediate threat to the health or safety of tenants. Details the requirements of such a comprehensive plan and the basis upon which it will be disapproved. Requires the Secretary to notify the public housing agency in writing if the plan is not approved, indicating the reasons for disapproval and the modifications required to make the plan approvable.

Permits a smaller public housing agency (including an Indian housing agency) to apply for grants for projects which cannot be funded with other available resources.

Requires the Secretary to give preference to public housing agencies which: (1) have conditions constituting an immediate threat to the health or safety of tenants; (2) have the most severe need for improvements and replacements; and (3) have a demonstrated capability of implementing the work proposed in the agency's application for assistance.

Limits the purposes for which a public housing agency may use financial aid received under this Act. Requires a public housing agency which receives assistance to submit to the Secretary: (1) an annual statement of activities and expenditures projected to be funded by such assistance during the immediately following fiscal year of the public housing agency; and (2) a performance and evaluation report regarding the agency's activities.

Requires the Secretary to review on at least an annual basis the activities of recipient agencies (including their capacities for implementing their comprehensive plans and their progress in satisfying performance standards prescribed by the Secretary).

Prohibits the Secretary from providing financial assistance for FY 1987 unless the Secretary has determined that the public housing agency has made reasonable progress in implementing certain modernization projects. Authorizes the Secretary to withhold assistance or require a public housing agency to take corrective action in accordance with the Secretary's review. Requires that audit examinations be made of recipients.

Requires the Secretary to prescribe by regulation: (1) the formula for determining the annual accrual of capital improvement needs of certain public housing agencies; (2) the formula for allocating assistance among larger public housing agencies; (3) criteria for determining whether proposed improvements will reasonably assure the long-term viability of a project; and (4) the performance standards to be applied in the Secretary's reviews and audits.