An original bill to amend the National Flood Insurance Act of 1968, to restore the financial solvency of the flood insurance fund, and for other purposes.

[AI summary unavailable — showing source text] Flood Insurance Reform and Modernization Act of 2011 - Amends the National Flood Insurance Act of 1968 (NFIA) to extend: (1) through FY2016 the authority of the Administrator of the Federal Emergency Management Agency (FEMA) to issue up to $ 20.725 billion in debt obligations, with the President's approval, for the National Flood Insurance Program (Program); and (2) through FY2013 the authorization for the Program itself. Requires the FEMA Administrator to make national flood insurance available for multifamily properties of more than four units. Prohibits the Administrator from estimating risk premium rates for flood insurance for certain kinds of property. Increases from 10% to 15% the annual limitation on risk premium rate increases for any properties within any single risk classification. Instructs FEMA to issue final regulations establishing revised definitions of special flood hazard areas, including residual risk areas. Subjects such areas to mandatory flood insurance purchase requirements. Requires states or areas where flood insurance must be made available to give satisfactory assurance that state-chartered lending institutions not insured by the Federal Deposit Insurance…