Emergency Home Purchase and Inventory Reduction Act of 1981

Emergency Home Purchase and Inventory Reduction Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for five percent of the purchase of a new principal residence. Limits the dollar amount of such credit to $5,000. Specifies that such credit is available with respect to only one residence of the taxpayer.

Requires the recapture of credit amounts for the purchase of a new principal residence if such residence is sold within 36 months after the date of acquisition.