Hawaiian Homeownership Opportunity Act of 2011 - Amends the Native American Housing Assistance and Self-Determination Act of 1996 and the Housing and Community Development Act of 1992 to extend through FY2015 the authorization of appropriations for housing assistance for Native Americans and loan guarantees for Native Hawaiian housing.
Amends the Native American Housing Assistance and Self-Determination Act of 1996 to: (1) make the Department of Hawaiian Home Lands of the state of Hawaii eligible for loan guarantees; and (2) extend through FY2015 the authorization of appropriations for the credit subsidy to cover the costs of federal guarantees for financing for tribal housing activities.