This bill modifies the coastal areas belonging to the John H. Chafee Coastal Barrier Resources System (CBRS) and which are, therefore, ineligible to receive federal financial assistance for land development. It also expands exceptions to this restriction and establishes a coastal hazard pilot project.

Specifically, the bill updates and replaces existing CBRS maps with maps recommended by the Fish and Wildlife Service (FWS) in a 2022 report to Congress titled John H. Chafee Coastal Barrier Resources System Hurricane Sandy Remapping Project. Affected coastal areas are located in 13 states: Connecticut, Delaware, Florida, Louisiana, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia.

In addition, the bill creates new exceptions to the limitation on federal financial assistance for certain (1) aquaculture operations (e.g., shellfish production), and (2) U.S. Army Corps of Engineers coastal storm risk management projects. The bill also provides that insurable structures (i.e., walled and roofed buildings) that are on the ground in areas added to the CBRS within one year of enactment remain eligible for federal financial assistance. 

The bill directs FWS to issue regulations requiring owners or lessors of real property in communities affected by the CBRS to disclose this information to prospective buyers or lessees.

The bill establishes a coastal hazard pilot project to propose definitions and criteria and produce maps of areas vulnerable to coastal hazards, such as flooding, storm surge, and erosion.