A bill to amend the National Flood Insurance Act of 1968 to permit participating communities to exempt certain property from land use and control measures, and for other purposes.

Amends the National Flood Insurance Act of 1968 to allow participating communities to exempt certain property from land use and control measures if: (1) any construction or development done is not carried out by means of Federal assistance; and (2) such property is not insured under the National Flood Insurance Act. Prohibits the Director of the Federal Emergency Management Agency from suspending eligibility for flood insurance coverage on account of any exemption granted under this Act.

Makes conforming amendments to the Flood Disaster Protection Act of 1973.