Multifamily Housing Insurance Rental Procedures Act

Multifamily Housing Insurance Rental Procedures Act - Amends the National Housing Act to require the Secretary of Housing and Urban Development to require that the rents and financial operations of mortgagors holding certain federally-insured housing be regulated so as to provide reasonable rentals to tenants and a reasonable return on the mortgagors' investments.

Prohibits the Secretary from approving any rental increase for dwelling units in certain federally-insured multifamily rental housing unless: (1) the mortgagor involved submits an application for such increase accompanied by copies of the mortgagor's notice to tenants, the tenant's comments, and the mortgagor's evaluation of such comments; (2) at least 30 days before submitting such application, the mortgagor notifies residents of the average increase intended, makes available the documentary material to be submitted to the Secretary to support the increase request, and allows the residents to submit written comments on such increase; and (3) the resulting rental charge for any unit will not exceed the average charge for all units of such housing by more than ten percent. Prohibits the Secretary from insuring the mortgage of any such housing unless the mortgage contract includes such prohibition.