CARA (Conservation and Reinvestment Act) bill

Conservation and Reinvestment Act of 2001 - Coastal Conservation and Impact Assistance Act of 2001 - Amends the Outer Continental Shelf Lands Act Amendments of 1978 to establish the Outer Continental Shelf Impact Assistance Fund to provide impact assistance to eligible coastal States and counties from 27 percent of Outer Continental Shelf (OCS) lease revenues.

Land and Water Conservation Fund Reform Act of 1998 (sic) - Amends the Land and Water Conservation Fund Act of 1965 (LWCFA) to require that 16 percent of specified OCS revenues be deposited in the Land and Water Conservation Fund in the Treasury to carry out LWCFA for each fiscal year through FY 2015.

Sets forth provisions that: (1) replace LWCFA requirements for comprehensive State plans with requirements for State action agendas; and (2) revise LWCFA conditions for approval of conversions.

Amends the Urban Park and Recreation Recovery Act (UPRRA) to provide certain matching capital grants to local governments (in addition to the current types of at-risk recreation grants and recovery action program grants).

Repeals the limitation on the use of UPRRA funds for acquisition of land or interests in land.

Wildlife Conservation and Restoration Act of 2001 - Amends the Federal Aid in Wildlife Restoration Act to require that seven percent of specified OCS revenues be deposited in a new subaccount in the Federal aid to wildlife restoration fund for State wildlife conservation and restoration programs.