Homelessness Prevention Housing Act of 1987

Homelessness Prevention Housing Act of 1987 - Title I: Prevention of Homelessness - Subtitle A: Prevention of Evictions and Foreclosures - Sets forth conditions which must be met before evicting a tenant from any federally assisted rental housing project.

Directs the Secretary of Housing and Urban Development to: (1) provide grants for emergency rent relief payments to landlords on behalf of tenants facing eviction; and (2) provide mortgage foreclosure assistance. Establishes in the Treasury the Emergency Rent Relief Fund. Authorizes FY 1988 appropriations. Requires reports to Congress on evictions.

Establishes in the Treasury the Homeowners Relief Fund. Authorizes FY 1988 appropriations.

Subtitle B: Preservation of Low-Income Housing - Provides for the preservation of single room occupancy buildings under the following programs: (1) community development block grants; (2) urban development action grants; (3) the existing housing program; and (4) the moderate rehabilitation programs.

Authorizes FY 1988 appropriations for rural housing programs.

Subtitle C: Prevention of Homelessness of Disabled and Institutionalized Persons - Provides for the eligibility of mentally ill persons for federally assisted housing.

Title II: Increased Low-Income Housing - Increases funding for existing housing and moderate rehabilitation programs. Authorizes FY 1988 appropriations.

Provides for the increased availability of tax-foreclosed property to house the homeless.

Amends the Housing and Community Development Act of 1974 and the Housing Act of 1959 to obligate funds for FY 1988 under the community development block grants and housing for the elderly or handicapped programs for mentally ill homeless persons.