Sound Insulation Treatment Repair and Replacement Program Act This bill provides airports with the option to use funds provided under the Airport Improvement Program (AIP) to repair and replace sound insulation in residential buildings. Under current policy, airports may use AIP funds for one-time sound insulation projects for residential buildings. This bill provides airports a one-time waiver to use AIP funds to carry out repair and replacement of sound insulation for residential buildings if the airport previously received federal assistance or federally authorized airport assistance for the insulation and (1) it is justified due to increased aircraft noise, or (2) the previously installed sound insulation has resulted in structural deterioration. To qualify, the building or structure must currently fall within the Day Night Level (DNL) 65 noise standard. If not, it must have fallen within this standard at the time of the initial noise mitigation, and a Federal Aviation Administration (FAA) compliant noise auditor must determine that such sound insulation treatment caused physical damage to the residence; or the materials used were of low quality and have deteriorated, broken, or otherwise no longer function as intended. Additionally, an airport and the property owner must exhaust funding available through warranties, insurance coverage, and legal remedies for the previously installed insulation. An FAA compliant noise auditor must also inspect the residence and determine that the previously installed insulation resulted in structural deterioration that was not caused by the property owner's or airport's negligence, or due to the homeowner's actions.