; or (III) for multi-unit structures only, the outstanding principal balance of the loan. (2) Federal agency lenders (A) In general (i) Insurance required A Federal agency lender may not 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 accordance with paragraph (1). (ii) Regulations (I) In general Each Federal agency lender may issue any regulations necessary to carry out this paragraph. (II) Consistency Any regulations issued under subclause (I) shall be consistent with and substantially identical to any regulations issued under paragraph (1). (B) Requirement to accept flood insurance Each Federal agency lender shall accept flood insurance as satisfaction of the flood insurance coverage requirement under subparagraph (A)(i) if the flood insurance coverage meets the requirements for coverage under that subparagraph. (3) Government-sponsored enterprises for housing (A) Implementation of procedures (i) Requirement The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall implement procedures reasonably designed to ensure that, for any loan described in clause (ii) that is purchased or guaranteed by such entity, the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in the amount provided in paragraph (1)(B). (ii) Secured loan A loan described in this clause is a loan secured by improved real estate or a mobile home located in an area— (I) that has been identified, at the time of the origination of the loan or at any time during the term of the loan, by the Administrator as an area having