; (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. (B) Loans and insured and guaranteed loans If the financial assistance described in paragraph (1) is in the form of a loan or an insurance or guaranty of a loan, flood insurance need not be required beyond the term of the loan. (C) Term generally The requirement of maintaining flood insurance under paragraph (1) shall apply during the life of the property, regardless of transfer of ownership of the property. . (B) Mortgage loans Section 102(b) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(b) ) is amended— (i) by striking paragraphs (1) through (5) and inserting the following: (1) Regulated lending institutions (A) In general Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1974 ( 12 U.S.C. 3303 )) shall by regulation direct regulated lending institutions not to make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which 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 securing the loan is covered for the term of the loan by flood insurance in an amount described in subparagraph (B). (B) Amount The amount of flood insurance required under subparagraph (A)— (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