Flood Insurance Community Outreach Grant Program Act of 2006

Flood Insurance Community Outreach Grant Program Act of 2006 - Amends the National Flood Insurance Act of 1968 to authorize the Director of the Federal Emergency Management Agency (FEMA) to make grants to local governmental agencies responsible for floodplain management activities in communities that participate in the national flood insurance program for: (1) outreach activities to encourage and facilitate the purchase of flood insurance protection by owners and renters of properties in such communities; and (2) educational activities that increase awareness of flood risk reduction.

Permits grant funds to be used to: (1) identify such property owners and renters; (2) notify them when their properties become included in, or are excluded from, an area having special flood hazards about the effect of such inclusion or exclusion on the applicability of the mandatory flood insurance purchase requirement; (3) educate them regarding the flood risk and reduction of risk in their community and regarding the benefits and costs of flood insurance; and (4) encourage them to maintain or acquire coverage.

Sets forth requirements regarding cost-sharing and limits on administrative costs.

Requires the Director to provide for such agencies to submit applications for grants and for competitive selection, based on criteria established by the Director. Lists selection considerations. Authorizes the Director to use up to 50% of amounts available for grants in each fiscal year in areas determined to have the most immediate need for such activities.