State and Local Anti-Recession Fiscal Assistance Act of 1992

State and Local Anti-Recession Fiscal Assistance Act of 1992 - Establishes a program for the Secretary of Housing and Urban Development to make anti-recession grants to State and local governments.

Authorizes decreasing appropriations for FY 1992 and 1993 for such grants. Requires the return of any funds not expended by January 31, 1993, to the general fund of the Treasury.

Sets forth requirements for State and local governments to qualify for such payments.

Establishes a general formula for the allocation of payments based upon the need factor of States. Provides for making allocations to State, county, and other local governments.

Requires the Secretary, in determining allocations, to use the most recent available information from the Secretaries of Commerce and Labor provided before the beginning of a payment period.

Requires hearings at which the public is given an opportunity to present views on the possible uses of the payments. Requires a State or local government to notify the public at least ten days in advance of such hearings on the proposed use of the payments. Waives such requirements for unreasonably burdensome cost considerations and provides exceptions to the ten-day limitation.

Prohibits discrimination by a State or local government in the use of payments because of race, color, national origin, sex, age, handicap, or religion. Requires the Secretary of the Treasury to try to make agreements with heads of Federal and State agencies to investigate noncompliance with such prohibition. Provides procedures for a finding or holding of discrimination. Provides for: (1) suspension and termination of payments in discrimination proceedings; (2) compliance agreements; (3) enforcement by the Attorney General of prohibitions on discrimination; (4) civil actions by persons adversely affected by discrimination practices; and (5) judicial review by affected States or local governments.

Requires a State or local government grant recipient to have an independent audit made of financial statements by January 1, 1994. Grants a waiver to governments receiving less than $25,000 and certain local governments.

Requires the Secretary to investigate administrative complaints of persons claiming to be adversely affected by discrimination practices.

Requires the Comptroller General to carry out reviews of the activities of the Secretary, State governments, and local governments necessary for the Congress to evaluate compliance and operations under this Act.

Requires a report by the Secretary to the Congress by March 31, 1993, on the status, operation, and administration of the anti-recession grant program. Requires reports by States and local governments to the Secretary by June 30, 1993.

Prohibits the making of anti-recession grants for any payment period beginning after December 31, 1992.