GREEN Act of 2008

Green Resources for Energy Efficient Neighborhoods Act of 2008 or the GREEN Act of 2008 - Sets forth provisions concerning Housing of Urban Development (HUD) energy efficiency and conservation standards and green building standards for structures (conservation standards).

Requires the Secretary of HUD to conduct a program to demonstrate the effectiveness of funding a portion of the costs of carrying out energy efficiency and conservation and green building measures for multifamily housing projects for which rental assistance is provided under a covered multifamily assistance program.

Amends the Housing and Community Development Act of 1992 to provide for credits for Fannie Mae and Freddie Mac for mortgage purchases that support housing that meets conservation standards.

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to include provisions concerning energy-efficient mortgages and location-efficient mortgages.

Amends the National Housing Act to require the Secretary to: (1) ensure that the aggregate outstanding principal obligation of mortgages on single-family housing meeting energy efficiency standards that are insured by the Secretary is not less than $1 billion; and (2) conduct an energy efficient mortgages education and outreach campaign. Amends the Home Mortgage Disclosure Act of 1975 to require the disclosure of the number and dollar amount of mortgage loans that are energy efficient and location efficient.

Prohibits insurers from denying homeowner insurance coverage or discriminating in coverage for structures that are not connected to, or not able to receive electricity from, electric power providers.

Requires the Secretary to establish incentives for developers to: (1) increase the energy efficiency of multifamily housing; and (2) certify that trees, shrubs, grasses, and other plants are planted properly.

Sets forth provisions concerning energy saving techniques and energy performance requirements for manufactured homes.

Requires the Secretary to conduct a pilot program to facilitate the financing of cost-effective capital improvements for covered assisted housing projects to improve their energy efficiency and conservation. Amends the Housing and Community Development Act of 1974 to require the Secretary to make grants for energy efficiency improvements in housing.

Amends the Cranston-Gonzalez National Affordable Housing Act of 1990 to require state and local housing strategies to include provisions to encourage sustainable development for affordable housing.

Requires the Secretary to make grants to nonprofit organizations to increase low-income community development capacity.

Amends the United States Housing Act of 1937 to: (1) direct the Secretary to ensure that public housing agencies will receive the full financial benefit from reductions in utility costs resulting from contracts to undertake energy conservation improvements in connection with revitalization plans; and (2) prohibit the Secretary from making grants for demolition, site revitalization, replacement housing, and tenant-based assistance unless the applicant's proposed revitalization plan meets green development requirements.

Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies, in assessing the record of a financial institution, to consider specified energy efficiency and environmental ventures undertaken by the institution.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to direct: (1) federal financial institution regulatory agencies to require their standards for the performance of real estate appraisals to consider renewable energy sources for, or energy-efficiency or energy-conserving improvements or features of, the property in determining its value; and (2) the Appraisal Subcommittee to establish requirements for appraisers regarding energy-efficiency features and guidelines for appraising photovoltaic measures and training of appraisers.

Directs the Secretary to require the Housing Assistance Council to establish incentives for compliance by structures assisted by the Secretary and HUD's Office of Rural Housing and Economic Development with energy efficiency requirements.

Establishes in the Treasury the Alternative Energy Sources State Revolving Fund.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require federal banking agencies to prescribe guidelines encouraging the establishment and maintenance of green banking centers by insured depository institutions to provide consumers information on home energy ratings, financing for energy-saving improvements to property, and beneficial terms for mortgages or loans that meets energy-efficiency standards.