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Small Municipality Flood Relief Act of 2015 This bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the Federal Emergency Management Agency (FEMA) to release a local government from certain land restrictions imposed on a parcel under the hazard mitigation program for recipients of acquisition or relocation project assistance if: the local government submits to the state, more than five years after the closeout of the acquisition or relocation project, a request for such release; on the date of the request, the parcel is not in an area designated by FEMA as having special flood hazards; the local government certifies that no coercion took place against the original property owner in acquiring the parcel; the state in which the parcel is located approves the request and submits to FEMA a recommendation for its approval; the local government repays FEMA for the amount of hazard mitigation assistance received for the acquisition or relocation project or substitutes a different parcel that is at least twice as large as, and subject to the same restrictions being released for, the original parcel; and FEMA gives final approval to the request.

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