Rental Housing Production and Rehabilitation Act of 1982

Rental Housing Production and Rehabilitation Act of 1982 - Directs the Secretary of Housing and Urban Development to provide financial assistance to State and local governments to be used to stimulate the construction and rehabilitation of multifamily rental housing projects and cooperative housing projects in areas experiencing a severe shortage of rental housing for persons without other reasonable and affordable housing alternatives in the private market. Directs State and local governments to provide such projects capital grants, loans, interest reduction payments, grants for the purchase of land, and other types of assistance designed to reduce project debt service cost.

Sets forth area eligibility criteria, project selection criteria, and guidelines for allocating assistance. Requires the amount or assistance provided to a project to be the least amount necessary to provide decent and affordable rental or cooperative housing of modest design.

Lists conditions for receiving assistance under this Act, including requirements that a project owner agree that for the first 15 years of the project: (1) 20 percent of the project units will be available for families whose income does not exceed 80 percent of the median area income; (2) savings resulting from reduced debt service payments for assistance will be passed on to the tenants; (3) prospective tenants will not be discriminated against on the basis of eligibility for Federal housing assistance; and (4) units will not be converted to condominium ownership. Directs the Secretary to require an owner who violates any such agreement to repay all assistance plus interest.

Declares that mortgages for such projects are insurable under the National Housing Act.

Requires rent charges for project units to be approved by the Secretary. Limits such charges to 30 percent of a tenant's adjusted income. Requires tenants to be provided written notice 30 days prior to any rent increase.

Requires that contracts for such assistance contain a provision requiring the payment of prevailing wages to workers employed in the development and operation of the project involved.

Authorizes appropriations for such assistance for FY 1983.