A bill to amend the Flood Control Act of 1970 to provide that in determining the need for a local flood protection project, the Secretary of the Army shall consider the impact on the economy and social well-being of the local area and certain surrounding areas if flood protection is not provided, to specify the factors to be evaluated in considering such impact.

Amends the Flood Control Act of 1970 to require the Secretary of the Army, in determining the need for a flood control project, to consider the economic and social impact of not providing such protection. Sets forth factors for evaluating such impact.

Requires the Secretary of the Army, acting through the Chief of Engineers, upon a finding that the costs of any flood control project exceed its benefits, to furnish the non-Federal interests affected by such decision with an opportunity to contribute to the project the amount by which the costs exceed the benefits.