; or (2) require a person to participate in the Program. IV Providing private market access, accountability, and competition 401. Use of private flood insurance to satisfy mandatory purchase requirement (a) In general (1) Mandatory purchase requirement (A) Amount and term of coverage Section 102 of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a ) is amended by striking S ec. 102. (a) and all that follows through the end of subsection (a) and inserting the following: 102. (a) Amount and term of coverage (1) In general Subject to paragraph (2), on and after the date that is 60 days after the date of enactment of this Act, no Federal officer or agency may approve any financial assistance for acquisition or construction purposes for use in any area that has been identified by the Administrator as an area having special flood hazards and in which the sale of flood insurance has been made available under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.), unless the building or mobile home and any personal property to which the financial assistance relates is covered by flood insurance. (2) Amount and term (A) Amount generally The amount of flood insurance required under paragraph (1)— (i) in the case of Federal flood insurance, shall be not less than the lesser of— (I) 80 percent of the purchase price of the property; (II) the development or project cost of the building, mobile home, or personal property (less estimated land cost); (III) the maximum limit of Federal flood insurance coverage made available with respect to the particular type of property; or (IV) for multi-unit structures only, the outstanding principal balance of the loan; or (ii) in the case of private flood insurance, shall be not less than the lesser of— (I) 80 percent of the purchase price of the property; (II) the development or project cost of the building, mobile home, or personal property (less estimated land cost)