Emergency Housing Assistance Act of 2008 - Authorizes appropriations for FY2008 for grants under the Emergency Food and Shelter Program under the McKinney-Vento Homeless Assistance Act. Allows only up to 3.5% of such funds to be used for administrative costs.

Limits the use of grants to the Emergency Food and Shelter Program National Board under this Act, and any monies received by any private nonprofit organization or local government from the National Board from such amounts, solely for housing-related assistance needed to prevent homelessness in connection with the foreclosure on a dwelling occupied by an eligible family. Specifies among the uses of such assistance relocation expenses, security and utility deposits, mortgage payments, rent payments, utility payments, and other foreclosure or eviction prevention expenses.

Allows an eligible family to receive such assistance for up to three months. Requires such assistance to be provided directly to mortgage servicers, property managers, utility companies, or other entities necessary to prevent the homelessness of such family. (No funds shall be provided directly to the family).

Requires the National Board, and any private nonprofit organization or local government receiving monies from it, to maintain such monies in an account separate from other funds provided under the Program.