A bill to amend title V of the Housing Act of 1949 to extend certain rural housing programs, and for other purposes.

Amends the Housing Act of 1949 to extend through FY 1983 and 1984 the authority of the Secretary of Agriculture to make and insure loans under the Farmers Home Administration's rural housing program. Sets ceilings on the funds available for FY 1983 for: (1) advances by the Secretary to farm owners to pay taxes, insurance, and other expenses with respect to their property; (2) insured loans for housing for domestic farm labor; and (3) loans to provide housing for low and moderate income persons.

Authorizes appropriations for FY 1983 and 1984 for: (1) loans and grants for repairs or improvements of rural dwellings; (2) payments from the Rural Housing Insurance Fund for expenses related to construction defects of new housing purchased with financial assistance under the rural housing program; (3) notes and obligations for making direct loans under such program; (4) financial assistance to provide low-rent housing for domestic farm labor; and (5) low-income housing assistance.

Extends from September 30, 1982, to September 30, 1984, the Secretary's authority to insure loans: (1) to provide rental or cooperative housing for elderly, handicapped, and moderate income persons in rural areas; and (2) for housing and buildings on adequate farms.

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. Authorizes appropriations for FY 1983 and 1984 for such rent subsidy program. Repeals restrictions on rent increases in housing projects receiving other forms of assistance under the rural housing program.