A bill to amend the National Flood Insurance Act of 1968, as amended, to extend certain authorities thereunder, and for other purposes.

Amends the National Flood Insurance Act of 1968 to extend through FY 1991: (1) new flood control contracts; (2) the emergency implementation of flood insurance programs; (3) the establishment of flood-risk zones; and (4) estimates of flood-related losses for such zones.

Authorizes the Director of the Federal Emergency Management Agency to use the National Flood Insurance Fund to: (1) identify flood-prone areas; (2) conduct studies regarding the adequacy of State and local measures in flood-prone areas; (3) purchase insured properties damaged beyond repair by flood; (4) provide the owners of such properties with low interest loans; and (5) reimburse individuals and communities for certain expenses.