Repetitive Flood Loss Reduction Act of 1999

Repetitive Flood Loss Reduction Act of 1999 - Amends the National Flood Insurance Act of 1968 to require the Director of the Federal Emergency Management Agency to carry out a program to mitigate repetitive flood losses to structures by: (1) purchasing structures; and (2) making grants to States, communities, and local flood management agencies for eligible mitigation activities that meet specified conditions. Includes among eligible mitigation activities: (1) elevation, relocation, demolition, or floodproofing of structures located in areas having special flood hazards or other areas of flood risk; and (2) minor physical mitigation efforts that do not duplicate the flood prevention activities of other Federal agencies, States, communities, or local flood management agencies and that lessen the frequency or severity of flooding and decrease predicted flood damages, excluding major flood control projects unless the Director specifically determines that such projects are the most cost-effective mitigation activities for protecting the National Flood Insurance Fund. Sets forth grant application requirements. Prohibits the Director from providing a grant: (1) in an amount exceeding 75 percent of the total cost of the mitigation activities to be financed using such grant; and (2) for any such activities unless the State, community, or local flood management agency that receives the grant certifies, as the Director shall require, that at least 25 percent of the total cost of such activities will be provided from non-Federal sources. Requires the Director, upon determining that an insured structure is a repetitive substantial flood loss structure, to offer to purchase the structure at not greater than 125 percent of its fair market value at the time of the offer. Directs that any such offer: (1) explicitly state that the offer is contingent upon the availability of specified funds for such purchase; and (2) be held open, and not be revocable, during the period that the structure is covered by flood insurance. Requires the Director, if such owner accepts the offer and if such funds are available, to purchase the structure. Authorizes the Director to request that the State or local flood management agency that has jurisdiction with respect to the area in which the structure is located coordinate and carry out the purchase. Provides that if the owner does not accept the offer within a specified period, the chargeable premium rate with respect to the structure shall equal 150 percent of the amount at the time the offer was made (as adjusted by any other premium adjustments otherwise applicable to the structure), with an exception, and the insurance deductible increased by $5,000 more than that at the time the offer was made. Requires the Director, upon each renewal or modification of flood insurance coverage for a repetitive substantial flood loss structure, to notify the owner that the offer is still open. Provides that if the owner of a repetitive substantial flood loss structure does not accept an offer made by the Director and subsequently a flood event causes substantial damage to the structure, the chargeable premium rate with respect to the structure shall be an amount equal to 150 percent of the rate at the time of the event, as adjusted by any other premium adjustments otherwise applicable to the structure and any subsequent increases, and the insurance deductible increased by $5,000 more than that at the time of the event. Requires the Director, after the acquisition of a structure, to offer to transfer the structure to: (1) the local flood management agency that has jurisdiction with respect to the area in which the structure is located; or (2) the State within whose boundaries such structure is located, if such a local flood management agency does not exist or refuses such offer. Requires the Director, if an offer is accepted, to make such transfer without compensation and upon such other terms and conditions as the Director considers necessary to protect U.S. interests. Establishes within the Treasury the Repetitive Flood Loss Reduction Fund. Directs that all amounts collected from payment of deductible and premium increases be deposited into the Fund which shall be available to the Director to carry out this Act. Requires the Director to: (1) develop and periodically update a list of repetitive substantial flood loss structures; (2) conduct oversight of grant recipients to ensure that the grant is used in compliance with approved mitigation activities and that certified matching funds are used in accordance with such certification; and (3) recapture and deposit in the Fund amounts from a State, community, or local flood management agency that has received a grant but has not carried out mitigation activities. Authorizes appropriations.