A bill making supplemental appropriations for the fiscal year ending September 30, 1982, and for other purposes.

Urgent Supplemental Appropriations Act, 1982 - Title I: Chapter I - Makes supplemental appropriations for FY 1982 to the Department of Labor by funds transfers for: (1) the Employment and Training Administration; (2) the Employment Standards Administration; and (3) the Bureau of Labor Statistics.

Makes supplemental appropriations for FY 1982 to the Department of Health and Human Services by a transfer of funds to the Office of the Inspector General.

Makes supplemental appropriations for FY 1982 to the Department of Education for student loan insurance.

Chapter II - Rescinds specified funds appropriated to the Department of Housing and Urban Development for FY 1982 for annual contributions for assisted housing. Transfers specified funds appropriated to the Department for FY 1982 for the public housing program, including contract authority for assistance in financing the development or acquisition of low-income housing for Indian families, modernization of existing low-income housing projects, and construction and substantial rehabilitation of housing units. Requires the Secretary to include in the determination of the fair market rental of low-income housing a debt service factor reflecting the lesser of 14 percent, or one-half percent below the rate of interest on the permanent instrument sold to finance the project. Prohibits the Secretary, with respect to newly constructed and substantially rehabilitated low-income housing projects, from imposing a percentage or other arbitrary limitation on the cost and rent increases resulting from increased construction costs. Prohibits the termination of a reservation of contract authority for any low-income housing project because of the project's inability to obtain firm financing, unless such termination occurs no less than 24 months following the initial reservation of contract authority for the project.

Makes supplemental appropriations for FY 1982 to the Department for: (1) payments for operation of low-income housing projects; and (2) the Government National Mortgage Association.

Makes supplemental appropriations for FY 1982 to the Environmental Protection Agency for construction grants.

Chapter III - Makes supplemental appropriations for FY 1982 to the Civil Aeronautics Board for payments to air carriers.

Makes supplemental appropriations for FY 1982 to the Interstate Commerce Commission for payments for directed rail service.

Chapter IV - Makes supplemental appropriations for FY 1982 to the Department of the Treasury for: (1) the Bureau of Government Financial Operations; and (2) the Bureau of Alcohol, Tobacco and Firearms.

Makes supplemental appropriations for FY 1982 to the Merit Systems Protection Board and the U.S. Tax Court.

Chapter V - Makes supplemental appropriations for FY 1982 to the National Oceanic and Atmospheric Administration for operations, research, and facilities.

Chapter VI - Makes supplemental appropriations for FY 1982 to the Department of Agriculture for the food stamp program.

Title II - General Provisions - Prohibits any part of any appropriation contained in this Act from remaining available for obligation beyond July 20, 1982, unless expressly so provided.