SAFE Levee Act

Shielding Against Flood Emergencies Levee Act or SAFE Levee Act - Amends the Calfed Bay-Delta Authorization Act to direct the Secretary of the Interior to: (1) establish a program to provide assistance to non-federal interests for stability maintenance and improvement on levees within the Sacramento-San Joaquin Delta that facilitate Bureau of Reclamation water deliveries to Central Valley Project (CVP) contractors, and (2) prioritize projects based on the extent to which the levees covered are necessary for Bureau water deliveries.

Permits: (1) assistance to be in the form of grants or reimbursements of project costs for water-supply reliability related levee maintenance and improvements within the Delta, (2) the Secretary to provide assistance for a levee stability maintenance and improvement project only if the levee directly facilitates deliveries of water for the CVP and is publicly owned, and (3) costs associated with program implementation to be considered a reimbursable federal expenditure allocable to and repayable by CVP sub-units south of the Delta that receive and benefit from water conveyed through the Delta. Limits the federal share from exceeding 50% of the total costs of a project.

Directs the Secretary to carry out an analysis and evaluation of the costs and benefits of options for facilitating conveyance of water deliveries to CVP contractors being considered in the Bay Delta Conservation Planning process, including at least one option that does not require the construction of one or more water conveyance tunnels.