Directs the department of community, trade, and economic development to establish a flood damage relief program to provide financial assistance to individuals, businesses, and local governments that have experienced flood damage. The department shall establish criteria for awarding grants for emergency repair and cleanup activities as a result of flood damage. The criteria must include, but is not limited to: (1) The availability of other sources of financial assistance including other state or federal disaster assistance;

(2) The extent of the damage;

(3) Matching funds that may be available; and

(4) The financial need of the applicant.

Appropriates the sum of five million dollars, or as much thereof as may be necessary, for the fiscal year ending June 30, 2007, from the general fund to the department of community, trade, and economic development for the purposes of this act.