Community Partners Neighborhood Preservation Act of 2011

Community Partners Neighborhood Preservation Act of 2011 - Amends the National Housing Act to provide: (1) a 50% discount for teachers and public safety officers purchasing certain eligible asset properties for use as their primary residence during a certain period of fiscal years, and (2) a $100 downpayment on any related insured mortgage.

Authorizes such sales directly to a qualifying individual or to a unit of local government or a nonprofit organization for resale to such individual.

Expresses the sense of Congress that the Secretary of Housing and Urban Development (HUD) should consult with the heads of other federal agencies that own or hold properties appropriate for use as housing to determine the possibility and effectiveness of including such properties in programs that make housing available for law enforcement officers, teachers, or fire fighters.

Makes a public safety officer or teacher eligible to purchase any property owned or held by the Secretary pursuant to: (1) foreclosure of any HUD-insured mortgage; or (2) assignment of the mortgage, deed in lieu of foreclosure, conveyance of title, or any other acquisition of the property or mortgage in connection with the payment of insurance benefits by the Secretary.

Directs the Secretary to revise the Good Neighbor Next Door Initiative to provide that the subordinate mortgage on the property of a mortgagor who purchased it under the Initiative shall be released in any case in which the mortgagor loses his or her employment position as a law enforcement officer, teacher, firefighter, or emergency medical technician as a result of any reductions in force or other reason other than dismissal for cause.

Directs the Secretary of HUD, in making any real estate owned by HUD available for purchase, to provide a preference for purchase by public safety officers and teachers.