; (2) in paragraph (8), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (9) for carrying out the community assistance program for effective floodplain management under section 1326. . IV Modernization 401. Effect of Private Flood Insurance Coverage on Continuous Coverage Requirements Section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015 ) is amended by adding at the end the following: (n) Effect of Private Flood Insurance Coverage on Continuous Coverage Requirements For purposes of applying any statutory, regulatory, or administrative continuous coverage requirement, including under section 1307(g)(1), the Administrator shall consider any period during which a property was continuously covered by a flood insurance policy, either offered through the national flood insurance program or private market, that was used to satisfy the requirements under section 102(a) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(a) ) to be a period of continuous coverage. . 402. Optional coverage for umbrella policies Subsection (b) of section 1306 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013(b) ), is amended— (1) in paragraph (4), by striking and at the end; (2) in paragraph (5), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following new paragraph: (5) the Administrator may provide that, in the case of any commercial property or other residential property, including multifamily rental property and agricultural property, one umbrella policy be made available to every insured upon renewal and every applicant with multiple structures on the same property, except that— (A) purchase of such coverage shall be at the option of the insured