REPORT ON INCLUSION OF BUILDING CODES IN FLOODPLAIN MANAGEMENT CRITERIA.

SEC. 100235. REPORT ON INCLUSION OF BUILDING CODES IN FLOODPLAIN MANAGEMENT CRITERIA. Not later than 6 months after the date of enactment of this Act, the Administrator of the Federal Emergency Management Agency shall conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding the impact, effectiveness, and feasibility of amending section 1361 of the National Flood Insurance Act of 1968 (42 U.S.C. 4102) to include widely used and nationally recognized building codes as part of the floodplain management criteria developed under such section, and shall determine— (1) the regulatory, financial, and economic impacts of such a building code requirement on homeowners, States and local communities, local land use policies, and the Federal Emergency Management Agency; (2) the resources required of State and local communities to administer and enforce such a building code requirement; (3) the effectiveness of such a building code requirement in reducing flood-related damage to buildings and contents; (4) the impact of such a building code requirement on the actuarial soundness of the National Flood Insurance Program; (5) the effectiveness of nationally recognized codes in allowing innovative materials and systems for flood-resistant construction; (6) the feasibility and effectiveness of providing an incentive in lower premium rates for flood insurance coverage under such Act for structures meeting whichever of such widely used and nationally recognized building codes or any applicable local building codes provides greater protection from flood damage; (7) the impact of such a building code requirement on rural communities with different building code challenges than urban communities; and (8) the impact of such a building code requirement on Indian reservations.