Community Recreation Enhancement Act of 1992

Community Recreation Enhancement Act of 1992 - Amends the Land and Water Conservation Fund Act of 1965 to require specified percentages of appropriations from the Land and Water Conservation Fund (Fund) to be made available for assistance to States for outdoor recreation programs.

Provides that payments to States for outdoor recreation may not cover more than 75 percent of: (1) the cost of acquisition of lands, waters, and interests which are within units of the Wild and Scenic Rivers System or designated corridors of scenic or historic trail components of the National Trails System or are necessary to protect historic landmarks or national natural landmarks; or (2) the cost of revising comprehensive State outdoor recreation plans to conform to specified requirements. Allows funds to be transferred to qualified nonprofit organizations, subject to certain conditions.

Permits counties or political subdivisions to receive funds allocated to States for land acquisition purposes to cover up to 50 percent of the cost of developing or revising local plans to retain land for recreation and open space preservation purposes. Authorizes counties or other governmental entities to receive funds to cover up to 60 percent of the cost of acquiring lands, waters, or interests, following adoption of a plan and through September 30, 1996.

Treats Indian tribes and Alaska Native Village Corporations collectively as one State for purposes of receiving outdoor recreation assistance and provides for a competitive grant program for the receipt of such assistance. Limits the total amount to be received by any one tribe or corporation. Sets forth conditions under which a tribe or corporation may compete for a portion of funds available to a State in lieu of being treated as a collective with other tribes or corporations.

Requires statewide outdoor recreation plans to contain: (1) a description of Federal and State activities that adversely affect open space and recreational resources; and (2) an evaluation of the extent to which local zoning or the lack of zoning contributes to degradation of State and local projects funded with outdoor recreation assistance.

Establishes a program to provide Federal assistance to States, local and interstate entities, and private nonprofit organizations for the protection or establishment of: (1) greenways (linear parks or open spaces linking natural and cultural features within or near metropolitan areas); (2) Urban Open Space Preserves (open spaces with natural, rural, or agricultural character within large metropolitan areas); (3) cultural landscapes (areas that provide opportunities for outdoor recreation and contribute to the protection of areas which have regionally significant cultural, historic, natural, and aesthetic values); and (4) heritage areas (areas that provide opportunities for outdoor recreation and contribute to the protection of outstanding historic and cultural resources that have contributed to America's heritage).

Requires the Secretary of the Interior to conduct studies and report to the Congress on Federal assistance to protect open space areas. Permits the Congress to authorize appropriations for such assistance. Limits such assistance to 50 percent of the cost of a project.

Authorizes appropriations from the Land and Water Conservation Fund for loans to State, local, or interstate entities if recreational resources are of vital significance and are in imminent danger of damage or when an opportunity to address a severe recreation deficiency will be foregone. Sets forth loan and project conditions. Makes funding available for the total cost of a project. Establishes an advisory board to assist in the selection of projects to receive such assistance.