Urban Flooding Awareness Act of 2014

Urban Flooding Awareness Act of 2014 - Directs the Administrator of the Federal Emergency Management Agency (FEMA) to enter into an agreement with the National Research Council to conduct a study on urban flooding.

Defines "urban flooding" as the inundation of property in a built environment, particularly in more densely populated areas, caused by rain falling on increased amounts of impervious surface and overwhelming the capacity of drainage systems.

Directs the Council to evaluate the latest research, laws, regulations, policies, best practices, procedures, and institutional knowledge regarding urban flooding. Requires the Council's study to include an examination of:

• the prevalence of and costs associated with urban flooding events across the United States, with a focus on the largest metropolitan areas and trends in frequency and severity over the past two decades;
• the adequacy of federally provided flood risk information and the most cost-effective methods and products to characterize the risk of property damage from urban flooding on a property-by-property basis;
• the potential for training and certifying local experts in flood risk characterization as a service to property purchasers and owners;
• the causes of urban flooding and its apparent increase over the past 20 years;
• the most cost-effective strategies, practices, and technologies used to reduce the impacts of urban flooding;
• the role of the federal government and state governments in spurring market innovations based on public-private-nonprofit partnerships;
• the most sustainable and effective methods for funding flood risk and flood damage reduction at all levels of government;
• the relevance of the National Flood Insurance Program and Community Rating System to urban flooding areas outside traditional flood plains and strategies for broadening coverage and increasing participation under the Program; and
• strategies for protecting downstream communities from the flooding impacts of development in upstream communities.