Delaware River Basin Conservation Act of 2011 - Requires the Director of the United States Fish and Wildlife Service to establish a Delaware River Basin restoration program, under which the Director shall: (1) draw on management plans for the four-state Delaware Basin region (defined as including all of Delaware Bay and portions of Delaware, New Jersey, New York, and Pennsylvania located in the Delaware River watershed) and work in consultation with applicable management entities, including representatives of the Partnership for the Delaware Estuary, the Delaware River Basin Commission, the federal government, other state and local governments, and regional and nonprofit organizations to identify, prioritize, and implement restoration and protection activities within the Basin; and (2) adopt an investment strategy that supports the implementation of such activities, targets cost-effective conservation projects, and supports measurable conservation efforts.
Requires the Director to: (1) provide technical assistance to carry out the restoration program; and (2) establish the Delaware River Basin restoration grant program to provide competitive matching grants to carry out the restoration program. Requires the Director to develop criteria to ensure that funded activities: (1) restore or protect fish and wildlife species and their habitats; (2) improve or protect water quality by reducing nonpoint and point source pollutants; (3) reduce or improve management of water volume and flooding; (4) include priority needs or actions identified in the investment strategy; and/or (5) include restoration and protection activities with multiple benefits in the Basin, including habitat, water quality, and flood damage reduction. Limits the federal share of the total cost of a funded project to 75%. Authorizes the Director to contract with the National Fish and Wildlife Foundation or another organization with applicable expertise to manage the grant program.