Transportation and Housing Choices for Gas Price Relief Act of 2008

Transportation and Housing Choices for Gas Price Relief Act of 2008 - Directs the Secretary of Transportation to: (1) carry out a competitive grant program that supports community efforts to invest in transportation alternatives and travel demand management strategies; and (2) award grants to eligible entities, giving priority to activity proposals for reducing single occupancy vehicle trips.

Provides certain formula grant funding for specified improvement activities to increase use of public transportation.

Requires the Secretary to award grants for a national consumer awareness program on the environmental, energy, and economic benefits of transportation alternatives to the single occupancy vehicle, including carpooling, vanpooling, transit, and bicycles.

Amends the Internal Revenue Code to: (1) allow a telework tax credit of up to $400 per year; (2) include a qualified bicycle commuting reimbursement as a qualified transportation fringe benefit, excludable from gross income; (3) equalize and increase to $200, with a modified cost-of-living adjustment, the tax exclusion for both transportation and parking fringe benefits; (4) make self-employed individuals eligible for transit pass fringe benefits; (5) include employer-established parking cash-out programs as qualified transportation fringe benefits; and (6) allow a vanpool (general business) tax credit.

Requires the Secretary of Housing and Urban Development (HUD) to: (1) incorporate transportation costs associated with location of housing into affordability standards for allocating low-income housing tax credits related to rental assistance vouchers or other affordable housing programs; and (2) develop a model transportation cost field for Multiple Listing Services to measure transportation costs associated with the location of a home.

Amends the Federal National Mortgage Association (Fannie Mae) Charter Act and the Federal Home Loan Mortgage Corporation (Freddie Mac) Act to include the use of location-efficient mortgages among their purposes.

Amends the Housing and Community Development Act of 1992 to require the Director of the Federal Housing Finance Agency to establish graduated annual goals for the purchase by Fannie Mae and Freddie Mac of location-efficient mortgages for single-family, owner-occupied homes.

Requires the Secretary of HUD to make grants to states to construct or acquire affordable housing that is location-efficient.

Amends the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) to include high schools in the safe routes to school program.