Flood Safe Basements Act - Directs the Administrator of the Federal Emergency Management Agency (FEMA) to rate a covered structure using the elevation difference between the floodproofed elevation and the adjusted base flood elevation of such structure.
Defines "covered structure" as a residential structure: (1) located in a community that has adopted flood plain management measures approved by FEMA and satisfying requirements for an exception for floodproofed residential basements, and (2) built in compliance with the applicable flood plain management measures.