A bill to amend the Flood Disaster Protection Act of 1973 to make compliance with its provisions voluntary.

Amends the Flood Disaster Protective Act of 1973 to: (1) abolish the prohibition against Federal approval of financial assistance for acquisition or construction in areas identified by the Secretary of Housing and Urban Development as flood hazard areas, unless such building, mobile home, or personal property is covered by flood insurance; (2) repeal the requirement that communities tentatively identified by the Secretary as having special hazards must either apply for participation in the national flood insurance program, or submit data establishing that such hazards do not exist or have been corrected; (3) abolish the conclusive nature of the Secretary's determination with respect to the existence of a flood hazard area; (4) repeal the prohibition against Federal approval of financial assistance for acquisition and construction in flood hazard areas unless the community in which such area is situated is participating in the national flood insurance program; and (5) repeal the prohibition against federally regulated financial institutions making, increasing, or renewing loans secured by real estate or mobile homes located in a flood hazard area unless the community in which such area is situated is participating in the national flood insurance program.