Rental Housing Assistance Act of 1980

Rental Housing Assistance Act of 1980 - Amends the National Housing and the United States Housing Acts of 1937 to improve Federal housing programs which provide mortgage insurance for multifamily rental housing.

Eliminates condition on Government National Mortgage Association purchase of certain multifamily mortgages requiring that at least 20 percent of the units covered by such mortgage are receiving lower-income housing assistance.

Authorizes the Secretary of Housing and Urban Development to conduct a study for the purpose of establishing a prototype construction cost system which could be used in determining the amount of a mortgage on a multifamily housing project which may be insured under the National Housing Act. Sets forth criteria for determining prototype construction costs. Requires the Secretary to submit a report to Congress containing the findings and conclusions of the study.

Authorizes the Association to begin making commitments to purchase, and to purchase loans and advances of credit (and related purchase certificates and other related instruments). Permits the Association to finance improvements (other than solar energy systems and energy conservation improvements) or additions to a multifamily rental housing project.

Authorizes and directs the Secretary of Treasury to purchase any obligations of the Association, and to use as a public debt transaction the proceeds from the sale of any securities under the Second Liberty Bond Act.

Prohibits the application of State or local usury law or comparable law establishing interest rates or prohibiting or limiting the collection or amount of discount points or other charges in connection with loan transactions. Prohibits the application of State loan insurance laws to the Association's transactions.

Authorizes the Secretary to enter into contracts for section 8 moderately rehabilitated projects which have a term of more than 180 months.

Authorizes the Secretary to conduct a study for the purpose of determining the impact of Federal taxation on rental housing.