American Schools Revitalization Act of 1992

American Schools Revitalization Act of 1992 - Authorizes appropriations to assist eligible local educational agencies (LEAs) in repairing and renovating instructional facilities in schools.

Directs the Secretary of Education (the Secretary) to reserve one percent of such funds for monitoring activities under this title.

Directs the Secretary to allot the remainder to eligible LEAs with approved applications. Directs the Secretary to allocate such funds on the basis of the number of: (1) children between the ages of five and 17 from families below the poverty line; (2) school buildings used for instructional purposes; and (3) school buildings more than 25 years old used for instructional purposes.

Limits the period covered by a grant application to three years, and requires annual review by the Secretary.

Lists types of programs eligible LEAs must conduct with their allotments for: (1) repair and renovation of school buildings; and (2) improvements related to environmental concerns and safety. Requires each eligible LEA to use half of its allotment for programs for school building repair and renovation, and half for programs for school environmental concerns and safety improvements. (Authorizes the Secretary to waive such 50 percent division in certain cases.)