1. Opt-out of mandatory coverage requirement for commercial properties (a) Amendments to Flood Disaster Protection Act of 1973 The Flood Disaster Protection Act of 1973 is amended— (1) in section 3(a) ( 42 U.S.C. 4003(a) )— (A) in paragraph (10), by striking and at the end; (B) in paragraph (11), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following new paragraph: (12) residential improved real estate means improved real estate that— (A) is primarily used for residential purposes, as defined by the Federal entities for lending regulation; and (B) secures financing or financial assistance provided through a federally related single family loan program, as defined by the Federal entities for lending regulation. ; and (2) in section 102 ( 42 U.S.C. 4012a )— (A) in subsection (b)— (i) in paragraph (1)(A)— (I) by inserting residential before improved real estate ; and (II) by inserting residential before building or mobile home ; (ii) in paragraph (2)— (I) by inserting residential before improved real estate ; and (II) by inserting residential before building or mobile home ; and (iii) in paragraph (3)— (I) in subparagraph (A), by inserting residential before improved real estate ; and (II) in the matter after and below subparagraph (B), by inserting residential before building or mobile home ; (B) in subsection (c)(3), by striking , in the case of any residential property, for any structure that is a part of such property and inserting for any structure that is part of a residential property ; (C) in subsection (e)— (i) in paragraph (1)— (I) by inserting residential before improved real estate ; and (II) by inserting residential before building or mobile home each place such term appears; and (ii) in paragraph (5)— (I) in subparagraph (A)— (aa) by inserting residential before improved real estate each place such term appears; and (bb) by inserting residential before building or mobile home each place such term appears