Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from updating a floodplain area or flood-risk zone under the National Flood Insurance Act of 1968 until the Administrator submits a community outreach plan to Congress.
Amends the Internal Revenue Code to provide for a credit equal to the premium paid by the taxpayer for flood insurance covering any residential property which is a qualified flood risk property, subject to an income-based limitation. Defines "qualified flood risk property" as a residential property: (1) that is located in a floodplain area or flood-risk zone depicted on a flood insurance rate map revised and updated pursuant to such Act; (2) that was outside of any floodplain area or flood-risk zone prior to such revision; and (3) that the taxpayer owned on the date such map became effective or the purchase or construction of which by the taxpayer was subject to a binding written contract on such date.
Makes this Act applicable to any flood insurance rate map that becomes effective pursuant to such Act. Provides that if a refund or credit of any overpayment resulting from this Act is prevented at any time before one year after enactment of this Act, such refund or credit may occur if the claim is filed before the close of that period.
Amends such Act to require the community rating system program to provide grants to communities for projects to improve the rating of communities under the program.