Homeless Veterans Transitional Housing Act of 2010 - Revises the Department of Veterans Affairs (VA) multifamily transitional housing loan program (program) to require the Secretary of Veterans Affairs to issue at least five loans for the construction, rehabilitation, or acquisition of land for multifamily transitional housing projects. Authorizes the Secretary to delegate loan approval authority to a state or local government entity.
Terminates, as of the date of enactment of this Act, the Secretary's authority under the program to guarantee loans for such purposes.
Establishes the Department of Veterans Affairs Multifamily Transitional Housing Loan Program Revolving Fund to fund such loans.
Prohibits any federal or state law from prohibiting a program project offering preferential treatment to veterans.