1. Short title This Act may be cited as the Flood Insurance Market Parity and Modernization Act . 2. Private flood insurance (a) Mandatory purchase requirement (1) Amount and term of coverage Section 102 of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a ) is amended by striking Sec. 102. (a) and all that follows through the end of subsection (a) and inserting the following: 102. (a) Amount and term of coverage After the expiration of sixty days following the date of enactment of this Act, no Federal officer or agency shall 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 such financial assistance relates is covered by flood insurance: Provided, That the amount of flood insurance (1) in the case of Federal flood insurance, is at least equal to the development or project cost of the building, mobile home, or personal property (less estimated land cost), the outstanding principal balance of the loan, or the maximum limit of Federal flood insurance coverage made available with respect to the particular type of property, whichever is less