Update February 2020
SB 433 would have prohibited the Indiana Department of Natural Resources, under certain conditions, from having the authority to remove a residence from a floodway. Keeping such buildings in a floodway could be very hazardous to both public safety and property, as according to the DNR, floodways “convey the largest volume of water and may have high velocities.”
Based on a compromise between the bill’s authors and the Indiana DNR, the bill was amended in the House Natural Resources Committee to grandfather existing residences in the floodway, allowing them to remain as long as the homes comply with FEMA floodplain rules requiring the first floor of these structures to be elevated 2 feet above the 100 year flood elevation.  Many of these existing homes are already constructed on stilts, allowing floodwaters to flow beneath the structure.  Some may require further elevation to meet the conditions of SB 433.
As noted elsewhere in BillWatch, another amendment to SB 433 added positive Lake Michigan shoreline language from SB 325.
Read about the homes in the East Fork White River floodway that stimulated introduction of SB 433.