Public Assistance Amendments of 1982

Amends the Internal Revenue Code to exclude from gross income the interest received on certain mortgages during the five-year period beginning on the date the loan is made. Provides that for 1983 only 50 percent of such interest is excludable. Terminates such exclusion for mortgage loans made after 1983. Requires that the proceeds of such loan be used to purchase a single-family principal residence.

Allows a nonrefundable income tax credit for nine percent of the purchase price of a principal residence by a first-time home buyer, up to $5,400. Requires a recapture of such credit if the taxpayer disposes of the property within three years of the purchase. Terminates such credit after 1983. Requires that the seller of the property certify that the purchase price of the residence is the lowest price offered since February 28, 1982.