Repeatedly Flooded Communities Preparation Act (Sec. 2) This bill amends the National Flood Insurance Act of 1968 to require a community that participates in the National Flood Insurance Program (NFIP) and has been repeatedly flooded to: (1) assess the continuing risks to community areas repeatedly damaged by floods; and (2) develop and implement a publicly available, community-specific plan for mitigating continuing flood risks to such areas. The Federal Emergency Management Agency (FEMA) must, upon request, provide a community with data to assist in preparation of the required plan. In making decisions with respect to awarding mitigation grants under the Act, FEMA may consider the extent to which a community has complied with these requirements and is working to remedy problems with repeatedly flooded areas. A community that does not comply with these requirements shall be subject to sanctions. (Sec. 3) FEMA's implementation of monthly premium payment schedules is exempted from rulemaking. FEMA may implement this schedule as a pilot program.