A bill to amend the National Flood Insurance Act of 1968 to increase flood insurance coverage, to authorize the acquisition of certain properties, to require known flood-prone communities to participate in the program.

[AI summary unavailable — showing source text] Makes flood insurance available under the National Flood Insurance Act to all residential properties, regardless of how many occupants. (Amends 42 U.S.C. 4012(a)) Increases the amount of insurance allowable under the National Flood Insurance Act of 1968 in the case of residential properties to the following amounts: (1) for a one-family residence or other dwelling structure containing one dwelling unit, an aggregate liability of $25,000; (2) for a single dwelling structure containing two dwelling units, an aggregate liability of $42,500; (3) for a single dwelling structure containing more than two dwelling units, an aggregate liability equal to the sum of $42,500 plus $15,000 for each such unit in excess of two; and (4) an aggregate liability of $10,000 per dwelling unit for any contents related to such unit. Increases the amount of insurance for business properties to $42,500 plus $10,000 multiplied by the number of occupants of the premises. (Amends 42 U.S.C. 4013) Prohibits any Federal office or agency from approving any financial assistance for acquisition or construction purposes on or after July 1, 1974, for use in an area that has been identified by the Secretary of Housing …