to areas that are no longer subject to the flood 
insurance mandatory purchase requirement; 
(C) educating property owners regarding 
the benefits and costs of maintaining or acquir-
ing flood insurance, including, where applicable, 
lower-cost preferred risk policies under the Na-
tional Flood Insurance Act of 1968 (42 U.S.C. 
4011 et seq.) for such properties and the contents 
of such properties; 
(D) educating property owners about flood 
map revisions and the process available such 
owners to appeal proposed changes in flood ele-
vations through their community; and 
(E) encouraging property owners to main-
tain or acquire flood insurance coverage. 
(e) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Director to carry out 
this section $400,000,000 for each of fiscal years 2008 
through 2013. 
SEC. 120. REMOVAL OF LIMITATION ON STATE CONTRIBU-
TIONS FOR UPDATING FLOOD MAPS. 
Section 1360(f)(2) of the National Flood Insurance Act 
of 1968 (42 U.S.C. 4101(f)(2)) is amended by striking ‘‘, 
but which may not exceed 50 percent of the cost of carrying 
out the requested revision or update’’.
SEC. 121. COORDINATION. 
(a) INTERAGENCY BUDGET CROSSCUT REPORT.—
(1) IN GENERAL.—The Secretary of Homeland 
Security, the Director, the Director of the Office of 
Management and Budget, and the heads of each Fed-
eral department or agency carrying out activities 
under sections 118 and 119 shall work together to en-
sure that flood risk determination data and geospatial 
data are shared among Federal agencies in order to 
coordinate the efforts of the Nation to reduce its vul-
nerability to flooding hazards. 
(2) REPORT.—Not later than 30 days after the 
submission of the budget of the United States Govern-
ment by the President to Congress, the Director of the 
Office of Management and Budget, in coordination 
with the Federal Emergency Management Agency, the 
United States Geological Survey, the National Oce-
anic and Atmospheric Administration, the Corps of 
Engineers, and other Federal agencies, as appro-
priate, shall submit to the appropriate authorizing 
and appropriating committees of the Senate and the 
House of Representatives a financial report, certified 
by the Secretary or head of each such agency, an 
interagency budget crosscut report that displays the 
budget proposed for each of the Federal agencies work-
ing on flood risk determination data and digital ele-
vation models, including any planned interagency or 
intraagency transfers. 
(b) DUTIES OF THE DIRECTOR.—In carrying out sec-
tions 118 and 119, the Director shall—
(1) participate, pursuant to section 216 of Pub-
lic Law 107–347 (116 Stat. 2945), in the establish-
ment of such standards and common protocols as are 
necessary to assure the interoperability of geospatial 
data for all users of such information; 
(2) coordinate with, seek assistance and coopera-
tion of, and provide liaison to the Federal Geographic 
Data Committee pursuant to Office of Management 
and Budget Circular A–16 and Executive Order 
12906 for the implementation of and compliance with 
such standards; 
(3) integrate with, leverage, and coordinate fund-
ing of, to the maximum extent practicable, the current 
flood mapping activities of each unit of State and 
local government; 
(4) integrate with, leverage, and coordinate, to 
the 
maximum 
extent 
practicable, 
the 
current 
geospatial activities of other Federal agencies and 
units of State and local government; and 
(5) develop a funding strategy to leverage and 
coordinate budgets and expenditures, and to establish
joint funding mechanisms with other Federal agencies 
and units of State and local government to share the 
collection and utilization of geospatial data among all 
governmental users. 
SEC. 122. INTERAGENCY COORDINATION STUDY. 
(a) IN GENERAL.—The Director shall enter into a con-
tract with the National Academy of Public Administration 
to conduct a study on how the Federal Emergency Manage-
ment Agency—
(1) should improve interagency and intergovern-
mental coordination on flood mapping, including a 
funding strategy to leverage and coordinate budgets 
and expenditures; and 
(2) can establish joint funding mechanisms with 
other Federal agencies and units of State and local 
government to share the collection and utilization of 
data among all governmental users. 
(b) TIMING.—Not later than 180 days after the date 
of enactment of this title, the National Academy of Public 
Administration shall report the findings of the study re-
quired under subsection (a) to the—
(1) Committee on Banking, Housing, and Urban 
Affairs of the Senate; 
(2) Committee on Financial Services of the 
House of Representatives;
(3) Committee on Appropriations of the Senate; 
and 
(4) Committee on Appropriations of the House of 
Representatives. 
SEC. 123. NONMANDATORY PARTICIPATION. 
(a) NONMANDATORY
PARTICIPATION
IN
NATIONAL 
FLOOD
INSURANCE
PROGRAM
FOR
500-YEAR
FLOOD-
PLAIN.—Any area located within the 500-year floodplain 
shall not be subject to the mandatory purchase requirements 
of sections 102 or 202 of the Flood Disaster Protection Act 
of 1973 (42 U.S.C. 4012a, 4106). 
(b) NOTICE.—
(1) BY DIRECTOR.—In carrying out the National 
Flood Insurance Program, the Director shall provide 
notice to any community located in an area within 
the 500-year floodplain. 
(2) TIMING
OF
NOTICE.—The notice required 
under paragraph (1) shall be made not later than 6 
months after the date of completion of the initial 
mapping of the 500-year floodplain, as required 
under section 118. 
(3) LENDER REQUIRED NOTICE.—
(A) REGULATED LENDING INSTITUTIONS.—
Each Federal or State entity for lending regula-
tion (after consultation and coordination with
the Federal Financial Institutions Examination 
Council) shall, by regulation, require regulated 
lending institutions, as a condition of making, 
increasing, extending, or renewing any loan se-
cured by property located in an area within the 
500-year floodplain, to notify the purchaser or 
lessee (or obtain satisfactory assurances that the 
seller or lessor has notified the purchaser or les-
see) and the servicer of the loan that such prop-
erty is located in an area within the 500-year 
floodplain, in a manner that is consistent with 
and substantially identical to the notice required 
under section 1364(a)(1) of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4104a(a)(1)). 
(B) FEDERAL
OR
STATE
AGENCY
LEND-
ERS.—Each Federal or State agency lender 
shall, by regulation, require notification in the 
same manner as provided under subparagraph 
(A) with respect to any loan that is made by a 
Federal or State agency lender and secured by 
property located in an area within the 500-year 
floodplain. 
(C) PENALTY
FOR
NONCOMPLIANCE.—Any 
regulated lending institution or Federal or State 
agency lender that fails to comply with the no-