Corps of Engineers Project Delivery Flexibility Act of 2012

Corps of Engineers Project Delivery Flexibility Act of 2012 - Directs the Chief of Engineers to establish a pilot program to evaluate the cost-effectiveness and project delivery efficiency of non-federal sponsors as the lead project delivery team for authorized Corps of Engineers civil works flood control and navigation construction projects.

Directs the Chief, in carrying out such program, to: (1) identify at least 12 congressionally authorized Corps flood control and navigation construction projects that have received federal funds and experienced delays or missed scheduled deadlines in the five fiscal years prior to this Act's enactment and that have an unobligated funding balance in the Corps Construction Account; (2) enter into a project partnership agreement with a non-federal sponsor to provide full project management control for the design and construction of such a project; and (3) develop a detailed project management plan for each project under the pilot program that outlines the scope, budget, design, and construction resource requirements necessary for project execution by the non-federal sponsor.

Conditions the receipt of federal funding under this Act on: (1) a project being federally owned, and (2) the non-federal sponsor establishing to oversee the execution of the project management plan a project delivery team consisting of a project manager and a Corps official who shall provide technical assistance and guidance on compliance with Corps engineering manuals and regulations.

Rescinds a specified amount of discretionary appropriations for FY2008-FY2011 that remain unobligated and makes such amount available for use under this Act.