Dylan Lee James Act

Family Opportunity Act of 2001 or Dylan Lee James Act - Amends title XVIII (Medicare) of the Social Security Act (SSA) to: (1) give States the option of allowing families of disabled children to purchase Medicaid coverage for such children; and (2) provide for treatment of inpatient psychiatric hospital services for individuals under age 21 under waivers allowing for payment of part or all of the cost of home or community-based services.

Authorizes a State to apply to the Secretary of Health and Human Services for approval of a demonstration project to provide Medicaid coverage of up to a specified maximum number of children with a potentially severe disability.

Amends SSA title V (Maternal and Child Health Services) to make appropriations to the Secretary for special projects of regional and national significance for development and support of family-to-family health information centers.

Amends SSA title XIX to provide for the restoration of Medicaid eligibility to certain SSI (Supplemental Security Income) (SSA title XVI) beneficiaries under age 21.