Rural Housing Improvement Act of 1992

Rural Housing Improvement Act of 1992 - Amends the Housing Act of 1949 to extend insured or guaranteed rural housing loan authority for: (1) housing; (2) housing improvement; (3) farm labor housing; (4) rental housing; (5) mutual and self-help projects; (6) low- and moderate-income housing sites; and (7) single-family homes.

Authorizes FY 1993 and 1994 rural housing appropriations for: (1) housing in remote areas; (2) housing improvement; (3) related activities of the Secretary of Agriculture (Secretary), including loans; (4) application preparation assistance; (5) insured housing loans; (6) mutual and self-help projects, including assistance for domestic farm labor and rural homeless and migrant workers; (7) self-help housing; (8) housing preservation; (9) self-help programs; and (10) site acquisition and development.

Extends authority for rental assistance payment contracts.

Amends the Cranston-Gonzalez National Affordable Housing Act with regard to HOME investment partnerships to: (1) exempt rural area new construction from certain program conditions; and (2) allocate assistance for rural housing.

Amends the Housing Act of 1949 to permit housing preservation grants to be used to replace housing under specified circumstances.

Authorizes the Secretary to make grants to assist low- and very low-income households achieve homeownership by acquisition of Farmers Home Administration (FmHA) housing inventory through either loan eligibility or repair of such property.

Directs the Secretary to make grants for low-income housing site acquisition and development.

Establishes within FmHA an Office of Rental Housing Preservation to coordinate and direct rural housing activities.

Authorizes permanently: (1) loan insurance for housing and related facilities for elderly or low-income persons or families; and (2) mutual and self-help housing.

Extends funding set-asides for: (1) deferred mortgage demonstration; (2) underserved area housing; and (3) rural rental housing.