This legislation, known as the "Floodplain Enhancement and Recovery Act," amends the Homeowner Flood Insurance Affordability Act of 2014 to specifically address ecosystem restoration projects. It defines an ecosystem restoration project as one primarily aimed at manipulating physical, chemical, or biological characteristics to recover or enhance natural and beneficial functions of aquatic resources or floodplains. The bill establishes two key exemptions for these projects. First, requesters are exempt from review or processing fees for flood insurance rate map changes based on an ecosystem restoration project. Second, communities may permit certain ecosystem restoration projects within adopted regulatory floodways that would otherwise increase base flood elevations, under specific conditions. These conditions include a professional engineer determining that the cumulative effect will not increase the base flood elevation by more than one foot, and that no insurable structure or critical infrastructure will be adversely impacted. Communities must also submit an analysis of changed conditions within 180 days of project completion. The Administrator of FEMA, in consultation with covered agencies, is required to issue guidance to implement these provisions within 180 days of enactment.