A bill to amend Title V of the Housing Act of 1949.

Amends the Housing Act of 1949 to extend through fiscal year 1983 the authority of the Secretary of Agriculture to provide financial assistance through the Farmers Home Administration's rural housing programs at specified funding levels. Authorizes appropriations for fiscal years 1982 and 1983 for: (1) payments on notes and other obligations issued by the Secretary for the purpose of making direct loans under such programs; (2) loans and grants for the repair and improvement of rural dwellings; (3) financial assistance to provide low-rent housing for domestic farm labor; (4) advances to borrowers for tax and insurance payments; (5) expenditures respecting construction defects in recently constructed rural dwellings; (6) mutual and self-help housing programs; and (7) the Self-Help Housing Land Development Fund.

Repeals provisions authorizing the Secretary to provide additional assistance toward housing expenses exceeding 25 percent of the income of persons who are unable to buy a rural dwelling after receiving interest credit subsidies.

Provides for a reduction in the rent subsidies the Secretary is required to provide to owners of multifamily housing projects in rural areas by increasing the portion of a tenant's income which the tenant may pay in rent from 25 to 30 percent.