Foreign Language Acquisition and Proficiency Improvement Act

Foreign Language Acquisition and Proficiency Improvement Act - Foreign Language Acquisition and Proficiency Act of 2001 - Amends the Foreign Language Assistance Act of 1994 to revise and rename it as the Foreign Language Acquisition and Proficiency Act of 2001. Requires foreign language assistance program grants to be awarded for at least three years and not more than five years. (Current grant duration is three years).

Directs the Secretary of Education to use 50 percent of such program funds to award grants for foreign language programs serving students in certain heavily-impacted elementary or secondary schools. Sets the Federal share of such grants to such schools at 100 percent (currently 50 percent at schools that do not receive waivers).

Includes among grant applications to be given special consideration those for programs that: (1) make effective use of technology such as computer assisted instruction, language laboratories, or distance learning; (2) promote innovative activities such as immersion, partial immersion, or content-based instruction; or (3) involve consortia with elementary schools or secondary schools.

Revises elementary school incentive payment provisions to base such payments on the school's initiating a program designed to lead to communicative competency in a foreign language.

Extends the authorization of appropriations for the foreign language assistance program. Increases the amount of such program funds which may be used for elementary school incentive payments.