Hurricane Irene and Tropical Storm Lee Community Recovery Assistance Act of 2012 - Directs the Secretary of the Army, upon the request of a state or local government, to allow a non-federal interest to make payment of any non-federal contribution associated with a qualifying watershed mitigation project or a qualifying flood damage reduction project over a 30-year period in accordance with specified payment option provisions of the Water Resources Development Act of 1986.
Defines: (1) a "qualifying flood damage reduction project" to mean a flood damage reduction project carried out by the Corps of Engineers for a disaster county; (2) a "qualifying watershed mitigation project" to mean a project or study carried out by the Corps with respect to a watershed located in a disaster county to reduce the impacts of flooding, enhance rivers with respect to uses as transportation corridors, improve water quality, increase economic opportunities, utilize new technologies and innovative approaches to benefit the watershed, and/or develop and implement a long-term resource monitoring program; (3) a "disaster county" as a county included in the geographical area covered by a qualifying natural disaster declaration and each contiguous county; and (4) a "qualifying natural disaster declaration" to mean a major disaster or emergency declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act due to damaging water and other conditions relating to Hurricane Irene or Tropical Storm Lee.