In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Stable Flood Insurance Authorization
Act of 2010''.

SEC. 2. CONGRESSIONAL FINDINGS.

The Congress finds that--
(1) since the enactment of National Flood Insurance Act of
1968, the National Flood Insurance Program has been the primary
source of reliable, reasonably priced flood insurance coverage
for millions of American homes and businesses;
(2) today over 5,500,000 homes and businesses in the United
States rely on the National Flood Insurance Program to provide
a degree of financial security;
(3) several years of below-average flood claims losses and
increased voluntary participation in the National Flood
Insurance Program have allowed the program to fully service the
debt incurred following Hurricanes Katrina and Rita and allowed
the program to pay $598,000,000 of the principal of that
outstanding debt;
(4) recent lapses in, and short-term reauthorizations of,
the National Flood Insurance Program's ability to write and
renew flood insurance coverage are estimated by the Federal
Emergency Management Agency and The National Realtors
Association to have adversely impacted or delayed up to 1,350
real estate closings per day;
(5) though long-term authorization and significant reforms
are needed to further improve the financial outlook of the
National Flood Insurance Program, while such comprehensive
reforms are considered, reliable, annual authorization of the
program is an essential element to stabilizing the already
fragile United States housing market;
(6) increased flooding in areas outside designated special
flood hazard areas prompted the Executive and the Congress in
2002 to begin calling for the National Flood Insurance Program
to develop and disseminate revised, updated flood insurance
rate maps that reflect the real risk of flooding for properties
not previously identified as being located with in a special
flood hazard area;
(7) dissemination of accurate, up-to-date flood risk
information remains a primary goal of the National Flood
Insurance Program and such information should be disseminated
as soon as such information is collected and available; and
(8) communities should be required to make their residents
aware of updated flood-risk data while communities are
assessing and incorporating updated flood-risk data into long-
term community planning.

SEC. 3. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

(a) Program Extension.--Section 1319 of the National Flood
Insurance Act of 1968 (42 U.S.C. 4026) is amended by striking
''September 30, 2008'' and inserting ''September 30, 2010''.
(b) Financing.--Section 1309(a) of such Act (42 U.S.C. 4016(a)) is
amended by striking ''September 30, 2008'' and inserting ''September
30, 2010''.
(c) Extension of Pilot Program for Mitigation of Severe Repetitive
Loss Properties.--Section 1361A of the National Flood Insurance Act of
1968 (42 U.S.C. 4102a) is amended--
(1) in subsection (k)(1), by striking ''2005, 2006, 2007,
2008, and 2009'' and inserting ''2010''; and
(2) by striking subsection (l).

SEC. 4. CONSIDERATION OF CONSTRUCTION, RECONSTRUCTION, AND IMPROVEMENT
OF FLOOD PROTECTION SYSTEMS IN DETERMINATION OF FLOOD
INSURANCE RATES.

(a) In General.--Section 1307 of the National Flood Insurance Act
of 1968 (42 U.S.C. 4014) is amended--
(1) in subsection (e)--
(A) in the first sentence, by striking
''construction of a flood protection system'' and
inserting ''construction, reconstruction, or
improvement of a flood protection system (without
respect to the level of Federal investment or
participation)''; and
(B) in the second sentence--
(i) by striking ''construction of a flood
protection system'' and inserting
''construction, reconstruction, or improvement
of a flood protection system''; and
(ii) by inserting ''based on the present
value of the completed system'' after ''has
been expended''; and
(2) in subsection (f)--
(A) in the first sentence in the matter preceding
paragraph (1), by inserting ''(without respect to the
level of Federal investment or participation)'' before
the period at the end;
(B) in the third sentence in the matter preceding
paragraph (1), by inserting '', whether coastal or
riverine,'' after ''special flood hazard''; and
(C) in paragraph (1), by striking ''a Federal
agency in consultation with the local project sponsor''
and inserting ''the entity or entities that own,
operate, maintain, or repair such system''.
(b) Regulations.--Not later than 90 days after the date of the
enactment of this Act, the Administrator of the Federal Emergency
Management Agency shall promulgate regulations to carry out the
amendments made by subsection (a). Section 5 may not be construed to
annul, alter, affect, authorize any waiver of, or establish any
exception to, the requirement under the preceding sentence.
(c) Implementation.--The Administrator of the Federal Emergency
Management Agency shall implement this section and the amendments made
by this section in a manner that will not materially weaken the
financial position of the national flood insurance program or increase
the risk of financial liability to Federal taxpayers.

SEC. 5. AUTHORITY TO ESTABLISH PREMIUM RATES BY NOTICE.

Subsection (a) of section 1308 of the National Flood Insurance Act
of 1968 (42 U.S.C. 4015(a)) is amended, in the matter preceding
paragraph (1), by inserting ''or notice'' after ''prescribe by
regulation''.

SEC. 6. 3-YEAR DELAY IN EFFECTIVE DATE OF MANDATORY PURCHASE
REQUIREMENT FOR NEW FLOOD HAZARD AREAS.

(a) In General.--Section 102 of the Flood Disaster Protection Act
of 1973 (42 U.S.C. 4012a) is amended by adding at the end the following
new subsection:
''(i) Delayed Effective Date of Mandatory Purchase Requirement for
New Flood Hazard Areas.--
''(1) In general.--In the case of any area that was not
previously designated as an area having special flood hazards
and that, pursuant to any issuance, revision, updating, or
other change in flood insurance maps that takes effect on or
after September 1, 2008, becomes designated as an area having
special flood hazards, if each State and local government
having jurisdiction over any portion of the geographic area has
complied with paragraph (2), such designation shall not take
effect for purposes of subsection (a), (b), or (e) of this
section, or section 202(a) of this Act, until the expiration of
the 3-year period beginning upon the date that such maps, as
issued, revised, update, or otherwise changed, become
effective.
''(2) Notice requirements.--A State or local government
shall be considered to have complied with this paragraph with
respect to any geographic area described in paragraph (1) only
if the State or local government has, before the effective date
of the issued, revised, updated, or changed maps, and in
accordance with such standards as shall be established by the
Director--
''(A) developed an evacuation plan to be
implemented in the event of flooding in such portion of
the geographic area; and
''(B) developed and implemented an outreach and
communication plan to advise occupants in such portion
of the geographic area of potential flood risks, the
opportunity to purchase flood insurance, and the
consequences of failure to purchase flood insurance.
''(3) Rule of construction.--Nothing in paragraph (1) may
be construed to affect the applicability of a designation of
any area as an area having special flood hazards for purposes
of the availability of flood insurance coverage, criteria for
land management and use, notification of flood hazards,
eligibility for mitigation assistance, or any other purpose or
provision not specifically referred to in paragraph (1).''.
(b) Conforming Amendment.--The second sentence of subsection (h) of
section 1360 of the National Flood Insurance Act of 1968 (42 U.S.C.
4101(h)) is amended by striking ''Such'' and inserting ''Except for
notice regarding a change described in section 102(i)(1) of the Flood
Disaster Protection Act of 1973 (42 U.S.C. 4012a(i)(1)), such''.
(c) No Refunds.--Nothing in this section or the amendments made by
this section may be construed to authorize or require any payment or
refund for flood insurance coverage purchased for any property that
covered any period during which such coverage is not required for the
property pursuant to the applicability of the amendment made by
subsection (a).

SEC. 7. NOTIFICATION TO HOMEOWNERS REGARDING MANDATORY PURCHASE
REQUIREMENT APPLICABILITY AND RATE PHASE-INS.

Section 201 of the Flood Disaster Protection Act of 1973 (42 U.S.C.
4105) is amended by adding at the end the following new subsection:
''(f) Annual Notification.--The Director, in consultation with
affected communities, shall establish and carry out a plan to notify
residents of areas having special flood hazards, on an annual basis--
''(1) that they reside in such an area;
''(2) of the geographical boundaries of such area;
''(3) of the provisions of section 102 requiring purchase
of flood insurance coverage for properties located in such an
area, including the date on which such provisions apply with
respect to such area, taking into consideration section 102(i);
and
''(4) of a general estimate of what similar homeowners in
similar areas typically pay for flood insurance coverage.''.
Stable Flood Insurance Authorization Act of 2010 - Amends the National Flood Insurance Act of 1968 to extend through FY2010 both the National Flood Insurance Program and the Pilot Program for Mitigation of Severe Repetitive Loss Properties.

Repeals the September 30, 2009, termination date for, and thus makes permanent, the authority of the Administrator of the Federal Emergency Management Agency (FEMA) to provide assistance to any state or community.

Extends eligibility for flood insurance at specified maximum premium rates to any community that has made adequate progress on construction (as under current law), reconstruction, or improvement of a flood protection system which will afford flood protection for the one-hundred year frequency flood (without respect to the level of federal investment or participation).

Revises the requirement that a revised Flood Insurance Rate Map be prepared for the community to delineate as Zone AR the areas of special flood hazard that result from the disaccreditation of the flood protection system. Specifies that the areas of special flood hazard may be either coastal or riverine.

Revises the requirement that a community will be considered to be in the process of restoration if its flood protection system has been deemed restorable by a federal agency in consultation with the local project sponsor. Replaces a federal agency as the deeming authority with the entity or entities that own, operate, maintain, or repair the system.

Directs the Administrator to implement this Act so as not to materially weaken the financial position of the national flood insurance program, or increase the risk of financial liability to federal taxpayers.

Authorizes the Administrator to establish floor insurance premium rates, and related terms and conditions, by notice.

Amends the Flood Disaster Protection Act of 1973 to delay the effective date of the mandatory purchase requirement for newly designated special flood hazard areas until expiration of the three-year period beginning upon the date that certain flood insurance maps are either issued, revised, or updated.

Requires the Administrator to notify residents of special flood hazard areas annually that: (1) they reside in such an area; and (2) it is mandatory to purchase flood insurance coverage for their properties. Requires such notice to contain a general estimate of what similar homeowners in similar areas typically pay for such coverage.