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<br />(A) secured by improved real estate or a <br />mobile home located in an area that has been <br />identified, at the time of the origination of the <br />loan or at any time during the term of the loan, <br />by the Director as an area having special flood <br />hazards and in which flood insurance is available <br />under the National Flood Insurance Act of 1968, <br />and <br /> <br />(B) purchased by such entity, <br /> <br />the building or mobile home and any personal property <br />securing the loan is covered for the term of the loan by <br />flood insurance in the amount provided in paragraph (1). <br /> <br />(4) APPLICABILITY. -- <br /> <br />(A) EXISTING COVERAGE. --Except as provided in <br />subparagraph (B), paragraph (1) shall apply on the <br />date of enactment of the Riegle Community <br />Development and Regulatory Improvement Act of <br />1994. <br /> <br />(B) NEW COVERAGE. --Paragraphs (2) and (3) <br />shall apply only with respect to any loan made, <br />increased, extended, or renewed after the <br />expiration of the 1-year period beginning on the <br />date of enactment of the Riegle Community <br />Development and Regulatory Improvement Act of <br />1994. Paragraph (1) shall apply with respect to <br />any loan made, increased, e~tended, or renewed by <br />any lender supervised by the Farm Credit <br />:Administration only after the expiration of the <br />period under this subparagraph. <br /> <br />( C) CONTINUED EFF2CT OF REGULATIONS. - - <br />Notwithstanding any other provision of this <br />subsection, the regulations to carry but paragraph <br />(1), as in effect immediately before the date of <br />enactment of the Riegle Community Development and <br />Regulatory Improvement Act of 1994, shall continue <br />to apply until the regulations issued to carry out <br />paragraph (1) as amended by section 522(a) of such <br />Act take effect. <br /> <br />(c) EXCEPTIONS TO PuRCHASE REQUIREMENTS.-- <br /> <br />(1) STATE-OWNED PROPERTY. --Notwithstanding the other <br />provisions of this section, flood insurance shall not be <br />required on any State-owned property that is covered <br />under an adequate State policy of self-insurance <br /> <br />7 <br />