Farm and Ranch Land Protection Flexibility Act of 2006

Farm and Ranch Land Protection Flexibility Act of 2006 - Amends the Food Security Act of 1985 to revise the farmland protection program.

Includes as eligible program land woodlots, wooded corners, and forested riparian areas that comprise up to 50% of the offered acreage.

Defines: (1) "permanent conservation easement"; and (2) "qualified state or local entity."

Gives priority to farm and ranchland: (1) with prime, unique, or other productive soils at risk of nonagricultural development; (2) that will stay in production agriculture; (3) in rural communities that face intense conversion pressure; (4) in areas that have locally-led land-use planning and zoning strategies; and (5) in watersheds that would benefit most from the protection of farm and ranch resources.

Provides for: (1) grants to eligible state or local entities to purchase permanent conservation easements; and (2) grant agreements with eligible state or local entities to purchase conservation easements using a combination of their own funds and grant funds.

Sets forth matching grant and performance standard provisions.