[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1808 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1808
To amend the Coastal Zone Management Act of 1972 to establish a working
waterfronts Task Force and working waterfronts grant and loan programs,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 3, 2025
Ms. Pingree (for herself, Mr. Wittman, Mr. Golden of Maine, Mr. Peters,
Mr. Tonko, Mr. Carbajal, Mr. Magaziner, Ms. Tokuda, Ms. Brown, Mr.
Carter of Louisiana, and Mr. Amo) introduced the following bill; which
was referred to the Committee on Natural Resources
_______________________________________________________________________
A BILL
To amend the Coastal Zone Management Act of 1972 to establish a working
waterfronts Task Force and working waterfronts grant and loan programs,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Keep America's Waterfronts Working
Act of 2025''.
SEC. 2. WORKING WATERFRONTS.
The Coastal Zone Management Act of 1972 (16 U.S.C. 1451 et seq.) is
amended by inserting after section 306A (16 U.S.C. 1455a) the
following:
``SEC. 306B. WORKING WATERFRONTS.
``(a) Task Force.--
``(1) In general.--The Secretary shall establish a task
force to work directly with covered entities, users of working
waterfronts, and coastal stakeholders to identify and address
critical needs with respect to working waterfronts.
``(2) Membership.--The Secretary shall appoint members of
the Task Force, and shall include--
``(A) experts in the unique economic, social,
cultural, ecological, geographic, and resource concerns
of working waterfronts; and
``(B) representatives from--
``(i) the Office of Coastal Management of
the National Oceanic and Atmospheric
Administration;
``(ii) the United States Fish and Wildlife
Service;
``(iii) the Department of Agriculture;
``(iv) the Environmental Protection Agency;
``(v) the United States Geological Survey;
``(vi) the Department of the Navy;
``(vii) the National Marine Fisheries
Service;
``(viii) the Economic Development
Administration;
``(ix) such other Federal agencies as the
Secretary determines appropriate;
``(x) Indian Tribes; and
``(xi) Native Hawaiian organizations.
``(3) Functions.--The Task Force shall--
``(A) identify and prioritize critical needs with
respect to working waterfronts in coastal states that
have a management program approved under section 306,
in the areas of--
``(i) economic and cultural importance of
such working waterfronts to communities;
``(ii) changing circumstances and threats
such working waterfronts face from trade
barriers and environmental changes, including
sea level rise, extreme weather events, ocean
acidification, and harmful algal blooms; and
``(iii) identifying such working
waterfronts and highlighting them within
communities;
``(B) outline options, in consultation with coastal
states and coastal stakeholders, to address each
critical need identified under subparagraph (A),
including adaptation and mitigation options where
applicable;
``(C) identify which Federal agency is responsible
for addressing each critical need identified under
subparagraph (A); and
``(D) recommend which Federal agency is best suited
to address each critical need identified under
subparagraph (A) for which no responsible Federal
agency is identified under subparagraph (C).
``(4) Report.--Not later than 18 months after the date of
the enactment of this section, the Task Force shall submit to
Congress a report regarding the findings of the Task Force
under this subsection.
``(5) Implementation.--Not later than 30 months after the
date of the enactment of this section, the head of each Federal
agency identified under paragraph (3)(C) shall, to the extent
practicable and subject to the availability of appropriations,
implement the options outlined under paragraph (3)(B).
``(b) Working Waterfronts Plan.--
``(1) In general.--A covered entity may submit to the
Secretary a working waterfronts plan for approval under this
subsection, which, as applicable and with respect to the
covered entity--
``(A) shall--
``(i) provide for the preservation and
expansion of access to coastal waters by
coastal users;
``(ii) be complementary to and incorporate
the policies, objectives, and regulations of
regional and local working waterfronts plans or
strategies in effect before the date of the
enactment of this section;
``(iii) be developed through a process
that--
``(I) ensures the involvement of
coastal stakeholders; and
``(II) is consistent with other
coastal management programs,
regulations, and activities of the
covered entity;
``(iv) designate each qualified holder of
the covered entity, if any;
``(v) if the covered entity designates a
qualified holder under clause (iv)--
``(I) ensure that such qualified
holder complies with the duty of a
qualified holder to enforce each
working waterfront covenant to which
the qualified holder is a party; and
``(II) certify that the covered
entity retains the responsibility to
ensure that each affected working
waterfront is managed in a manner that
is consistent with the working
waterfronts plan of the covered entity;
and
``(vi) include--
``(I) an assessment of the
economic, social, cultural, and
historical value of working
waterfronts;
``(II) a description of any
relevant non-Federal laws and
regulations that affect working
waterfronts in the geographic areas
identified under subclauses (III) and
(IV);
``(III) an identification of
geographic areas where working
waterfronts are, as of the date of the
enactment of this subsection, under
threat of conversion to uses
incompatible with commercial and
recreational fishing, recreational
fishing and boating businesses,
aquaculture, boatbuilding, or other
water-dependent, coastal-related
business, and the level of that threat;
``(IV) an identification of
geographic areas with a historical
connection to working waterfronts where
working waterfronts are not, as of the
date of the enactment of this section,
available, and, where appropriate, an
assessment of the environmental impacts
of any expansion or new development of
working waterfronts on the coastal
ecosystems of such geographic areas;
``(V) an identification of
additional working waterfronts needs,
including improvements to existing
working waterfronts;
``(VI) a strategic and prioritized
plan for the preservation, expansion,
and improvement of each relevant
working waterfront;
``(VII) for geographic areas
identified under subclauses (III) and
(IV), an identification of the current
availability and potential for
expansion of public access to coastal
waters in such geographic areas;
``(VIII) a description of the
degree of community support for the
plan included under subclause (VI); and
``(IX) a contingency plan for any
property that reverts to the covered
entity pursuant to a determination made
by the covered entity under subsection
(c)(11)(B); and
``(B) may--
``(i) be developed using existing
information contained in relevant surveys,
plans, or other documents to fulfill the
information requirements under this paragraph;
``(ii) include a vulnerability assessment,
hazards resilience plan, or identification of
waterfront properties exposed to sea level rise
or inundation; and
``(iii) be part of a management program
approved under section 306.
``(2) Duration of approval.--
``(A) In general.--A working waterfronts plan
approved by the Secretary under this subsection shall
be effective during the 5-year period beginning on the
date of such approval.
``(B) Maintenance of approval.--An eligible covered
entity that participates in the grant program on the
basis of an approved working waterfronts plan of that
eligible covered entity shall resubmit such working
waterfronts plan for approval by the Secretary before
the end of each 5-year period described in subparagraph
(A).
``(c) Working Waterfronts Grant Program.--
``(1) In general.--The Secretary shall, in consultation
with covered entities, Federal agencies the Secretary
determines appropriate, and interested coastal stakeholders
with expertise in working waterfronts planning, establish a
regionally equitable and competitive grant program, to be known
as the `Working Waterfronts Grant Program'.
``(2) Uses.--The Secretary may award grants under this
subsection to eligible covered entities--
``(A) to implement or revise an approved working
waterfronts plan of such eligible covered entity,
including--
``(i) acquiring a working waterfront or an
interest in a working waterfront;
``(ii) making improvements to a working
waterfront, including constructing or repairing
wharfs, boat ramps, or related facilities; or
``(iii) carrying out necessary climate
adaptation mitigation activities for a working
waterfront; or
``(B) to develop a working waterfronts plan of such
eligible covered entity under subsection (b).
``(3) Application.--
``(A) In general.--To be eligible for a grant under
this subsection, an eligible covered entity shall
submit an application to the Secretary--
``(i) that, if applicable, is consistent
with the management program of the eligible
covered entity approved under section 306; and
``(ii) in such form, at such time, and
containing such information as the Secretary
determines appropriate.
``(B) Deadline.--Not later than 60 days after the
date on which the Secretary receives an application for
a grant under this paragraph, the Secretary shall
approve or reject such application.
``(4) Guidelines.--The Secretary shall, in consultation
with the entities described in paragraph (1), issue guidelines
regarding the implementation of the grant program.
``(5) Criteria.--In awarding a grant to an eligible covered
entity, the Secretary shall take into account the following
criteria:
``(A) The economic, cultural, and historical
significance of working waterfronts to the eligible
covered entity.
``(B) The demonstrated working waterfronts needs of
the eligible covered entity, as described in the
approved working waterfronts plan of the eligible
covered entity, if any.
``(C) The ability of the eligible covered entity to
meet the matching requirement under paragraph (10).
``(D) The potential for rapid turnover in the
ownership of relevant working waterfronts, and, if
applicable, the need for the eligible covered entity to
respond quickly when property in an existing or
potential working waterfront area or public access
area, as identified in the approved working waterfronts
plan of the eligible covered entity, if any, comes
under threat of conversion to incompatible uses or
becomes available for purchase.
``(E) As applicable, the impact of the approved
working waterfronts plan of the eligible covered
entity, if any, on the coastal ecosystem and working
waterfronts of the eligible covered entity and the
users of the coastal ecosystem of the eligible covered
entity.
``(6) Other technical and financial assistance.--
``(A) In general.--Upon the request of an eligible
covered entity that is awarded a grant under this
subsection, the Secretary shall provide to such
eligible covered entity technical assistance--
``(i) to identify and obtain sources of
Federal technical or financial assistance other
than that provided under this subsection to
develop a working waterfronts plan for approval
under subsection (b) or to implement or revise
an approved working waterfronts plan;
``(ii) to develop a working waterfronts
plan for approval under subsection (b);
``(iii) to implement or revise an approved
working waterfronts plan;
``(iv) to integrate resilience planning
into working waterfronts preservation efforts
of such eligible covered entity;
``(v) to develop additional tools to
protect working waterfronts;
``(vi) regarding guidance for best storm
water management practices with regard to
working waterfronts; or
``(vii) to collect and disseminate best
practices regarding working waterfronts and
resilience planning.
``(B) Limitation.--The Secretary may use not more
than 5 percent of the amounts made available under this
subsection in each fiscal year to provide technical
assistance under this paragraph.
``(7) Public access requirement.--A project carried out
with a grant awarded under this subsection, other than a
project that involves commercial fishing or other industrial
access points to which the eligible covered entity determines
public access would be unsafe, shall provide for the expansion,
improvement, or preservation of reasonable and appropriate
public access to coastal waters at or in the vicinity of
working waterfronts.
``(8) Limitation on acquisition.--An eligible covered
entity that is awarded a grant under this subsection, or any
entity to which such eligible covered entity allocates a
portion of such grant under paragraph (9), may use such grant
award to acquire title to or an interest in a working
waterfront, including an easement, only--
``(A) for fair market value from a willing seller;
or
``(B) for less than fair market value from a seller
that certifies to the Secretary that the seller is
willing and is not subject to coercion.
``(9) Allocation.--
``(A) In general.--An eligible covered entity that
is awarded a grant under this subsection may allocate a
portion of such grant award to a unit of State or local
government, a nonprofit organization, a fishing
cooperative, or any other appropriate entity for the
purpose of carrying out this subsection if such
eligible covered entity ensures that any such allocated
grant award is used consistently with this subsection.
``(B) Identified working waterfronts.--The
Secretary shall encourage each eligible covered entity
that is awarded a grant under this subsection to
equitably allocate such grant award among working
waterfronts identified in the approved working
waterfronts plan of each such eligible covered entity,
if any.
``(10) Matching requirement.--
``(A) In general.--Except as provided in
subparagraph (B), the Federal share of a project
carried out with a grant awarded under this subsection
may not exceed 75 percent.
``(B) Waiver of matching requirement.--The
Secretary may waive the application of subparagraph
(A)--
``(i) with respect to an eligible covered
entity that is awarded a grant under this
subsection that has designated a qualified
holder that is located within--
``(I) a disadvantaged community; or
``(II) a community that has an
inability to draw on other sources of
funding because of the small population
or low income of the community; or
``(ii) for any other reason the Secretary
determines appropriate.
``(C) Non-federal share.--An eligible covered
entity that is awarded a grant under this subsection
may satisfy the non-Federal share of a project carried
out with a grant awarded under this subsection through
in-kind contributions and other noncash support,
including the following:
``(i) The value, as determined by an
appraisal performed at such time before the
award of the grant as the Secretary determines
appropriate, of a working waterfront or an
interest in a working waterfront, including
conservation and other easements, that is held
in perpetuity by a qualified holder, if the
working waterfront or interest in a working
waterfront--
``(I) is identified in the grant
application; and
``(II) is acquired by the qualified
holder not later than 3 years after--
``(aa) the grant award
date; or
``(bb) the date of the
submission of such application
and before the end of the
initial 5-year period for which
the approved working
waterfronts plan associated
with the grant application, if
any, is effective.
``(ii) The costs, including cash or in-kind
contributions, associated with the acquisition,
restoration, or enhancement of or making other
improvements to a working waterfront or an
interest in a working waterfront, if--
``(I) such costs are identified in
the grant application; and
``(II) the costs are incurred--
``(aa) before the end of
the initial 5-year period for
which the approved working
waterfronts plan associated
with the grant application, if
any, is effective; or
``(bb) for working
waterfronts described in clause
(i), within the time limits
described in that clause.
``(11) Working waterfront covenants.--
``(A) In general.--An eligible covered entity that
is awarded a grant under this subsection may use such
grant award with respect to a working waterfront only
for which each person other than the eligible covered
entity that holds title to or an interest in such
working waterfront enters into a working waterfront
covenant.
``(B) Violation.--
``(i) In general.--An eligible covered
entity may determine, on the record after an
opportunity for a hearing, that a working
waterfront covenant of the eligible covered
entity has been violated.
``(ii) Reversion; conveyance; right of
immediate entry.--If an eligible covered entity
makes a determination under clause (i) that a
violation described under that clause has
occurred--
``(I) all right, title, and
interest in and to the working
waterfront covered by the violated
working waterfront covenant shall
revert to the eligible covered entity;
``(II) the eligible covered entity
may convey the working waterfront or
interest in the working waterfront to a
qualified holder; and
``(III) the eligible covered entity
shall have the right of immediate entry
onto the working waterfront covered by
the violated working waterfront
covenant.
``(12) Terms and conditions.--The Secretary shall subject
each grant awarded under this subsection to such terms and
conditions as the Secretary determines appropriate to ensure
that each such grant is used for purposes consistent with this
section.
``(13) Report.--
``(A) In general.--The Secretary shall biennially
submit to Congress a report regarding the
implementation of this subsection, which shall
include--
``(i) an evaluation, based on performance
measures developed by the Secretary, of the
effectiveness of the grant program in
accomplishing the purposes of this subsection;
``(ii) an account of all expenditures under
this subsection; and
``(iii) descriptions of each project
carried out using a grant awarded under this
section.
``(B) Alternative manner of submission.--The
Secretary may submit each report required under
subparagraph (A) by including the information required
under that subparagraph in each report required under
section 316.
``(14) Administrative expenses.--The Secretary may use not
more than 5 percent of the amounts made available under this
subsection in each fiscal year to pay the administrative
expenses necessary to carry out this subsection.
``(15) Authorization of appropriations.--There is
authorized to be appropriated to the Secretary to carry out
this subsection $50,000,000 for each of fiscal years 2025
through 2029.
``(d) Definitions.--In this section:
``(1) Approved working waterfronts plan.--The term
`approved working waterfronts plan' means a working waterfronts
plan that is approved by the Secretary under subsection (b).
``(2) Coastal indian tribe.--The term `coastal Indian
Tribe' means an Indian Tribe with respect to which land owned
by the Indian Tribe, held in trust by the United States for the
Indian Tribe, or held by the Indian Tribe and subject to
restrictions on alienation imposed by the United States or the
reservation of the Indian Tribe is located within a coastal
state.
``(3) Coastal users.--The term `coastal users' means--
``(A) persons that engage in commercial or
recreational fishing;
``(B) recreational fishing and boating businesses;
and
``(C) boatbuilding, aquaculture, and other water-
dependent, coastal-related businesses.
``(4) Covered entity.--The term `covered entity' means--
``(A) a coastal state;
``(B) a coastal Indian Tribe; or
``(C) a Native Hawaiian organization.
``(5) Eligible covered entity.--The term `eligible covered
entity' means a covered entity that--
``(A) has an approved working waterfronts plan;
``(B) is in the process of developing a working
waterfronts plan for approval under subsection (b); or
``(C) has a coastal land use plan that the
Secretary determines is sufficient for the purposes of
this section.
``(6) Grant program.--The term `grant program' means the
grant program established under subsection (c).
``(7) Indian tribe.--The term `Indian Tribe' has the
meaning given the term in section 4 of the Indian Self-
Determination and Education Assistance Act (25 U.S.C. 5304).
``(8) Native hawaiian organization.--The term `Native
Hawaiian organization' means a nonprofit organization--
``(A) that serves the interests of Native
Hawaiians;
``(B) in which Native Hawaiians serve in
substantive and policymaking positions;
``(C) that is recognized for having expertise in
Native Hawaiian culture and heritage, including
tourism; and
``(D) is located within a coastal state.
``(9) Qualified holder.--The term `qualified holder'
means--
``(A) a unit of local government of a covered
entity, if the covered entity is a coastal state; or
``(B) a nonprofit organization;
that is designated by a covered entity in the approved working
waterfronts plan of the covered entity to carry out some or all
of the functions of the covered entity under the grant program
if the covered entity applies for and is awarded a grant under
the grant program, including holding title to or an interest in
a working waterfront acquired with a grant awarded under the
grant program.
``(10) Task force.--The term `Task Force' means the task
force established under subsection (a)(1).
``(11) Disadvantaged community.--The term `disadvantaged
community' means a community the Secretary determines, based on
appropriate data, indices, and screening tools, is
economically, socially, or environmentally disadvantaged.
``(12) Working waterfront.--The term `working waterfront'
means real property (including support structures over water
and other facilities) that--
``(A) provides access to coastal waters by coastal
users; and
``(B) is used for, or supports, commercial and
recreational fishing, recreational fishing and boating
businesses, and boatbuilding, aquaculture, and other
water-dependent, coastal-related business.
``(13) Working waterfront covenant.--The term `working
waterfront covenant' means an agreement in recordable form
entered into between a person that holds title to or an
interest in a working waterfront and a covered entity that is
awarded a grant under the grant program or a qualified holder
of such covered entity that provides such assurances as the
Secretary determines necessary to ensure the following:
``(A) Except as provided in subparagraph (C), the
title to or interest in the working waterfront will be
held by an entity that is subject to such agreement in
perpetuity.
``(B) The working waterfront will be managed in a
manner that is consistent with the purposes of this
section, and the working waterfront will not be
converted to any use that is inconsistent with this
section.
``(C) If the title to or interest in the working
waterfront is subsequently sold or otherwise
exchanged--
``(i) each party involved in such sale or
exchange shall accede to such agreement; and
``(ii) funds equal to the fair market value
of the title to or interest in the working
waterfront shall be paid to the Secretary by
the parties to the sale or exchange, and such
funds shall be, at the discretion of the
Secretary, paid to the relevant covered entity
or a qualified holder of such covered entity
for use in the implementation of the approved
working waterfronts plan of the covered entity.
``(D) Such agreement shall be subject to
enforcement and oversight by the covered entity or by
another person as the Secretary determines appropriate.
``SEC. 306C. WORKING WATERFRONTS PRESERVATION LOAN FUND.
``(a) General Authority.--
``(1) Grants to eligible coastal states to establish
working waterfronts preservation loan funds.--
``(A) In general.--The Secretary may enter into an
agreement with an eligible coastal state to issue a
capitalization grant, including a letter of credit, to
such eligible coastal state to implement the approved
working waterfronts plan of such eligible coastal
state.
``(B) Establishment of working waterfronts
preservation loan funds.--
``(i) In general.--To be eligible to
receive a capitalization grant under this
subsection, an eligible coastal state shall
establish a working waterfronts preservation
loan fund.
``(ii) Deposit.--Each capitalization grant
made to an eligible coastal state under this
paragraph shall be deposited in the working
waterfronts preservation loan fund of such
eligible coastal state.
``(C) Extended period.--A capitalization grant made
to an eligible coastal state under this section shall
be available to the eligible coastal state for
obligation for a period of 2 fiscal years.
``(2) Use of funds.--
``(A) In general.--An eligible coastal state shall
use amounts deposited in the working waterfronts
preservation loan fund of such eligible coastal state,
including loan repayments and interest earned on such
amounts, to provide financial assistance described in
subsection (f) to a covered entity to implement the
approved working waterfronts plan of such eligible
coastal state through preservation, improvement,
restoration, rehabilitation, and acquisition of working
waterfronts pursuant to criteria established by the
Secretary.
``(B) Sale of bonds.--A covered entity may use
amounts received under this section as a source of
revenue (restricted solely to interest earnings of the
applicable working waterfronts preservation loan fund)
or security for payment of the principal and interest
on a revenue or general obligation bond issued by the
eligible coastal state to provide matching funds under
subsection (e) if the proceeds of the sale of the bond
will be deposited in the working waterfronts
preservation loan fund of such eligible coastal state.
``(C) No increased bonding authority.--Amounts
deposited in the working waterfronts preservation loan
fund of an eligible coastal state may not be used as a
source of payment of, or security for (directly or
indirectly), in whole or in part, any obligation the
interest on which is exempt from the tax imposed under
chapter 1 of the Internal Revenue Code of 1986.
``(3) Limitation.--An eligible coastal state may not
provide financial assistance described in subsection (f) to a
covered entity that does not have the technical, managerial,
and financial capability to ensure compliance with the
requirements of this section.
``(4) Prevailing wages.--The Secretary shall ensure
compliance with the provisions of the Act of March 3, 1931 (40
U.S.C. 3141 et seq.; commonly known as the `Davis-Bacon Act')
with respect to any construction project carried out in whole
or in part with financial assistance made available from a
working waterfronts preservation loan fund.
``(5) Reservation.--Each eligible coastal state that enters
into a capitalization agreement under paragraph (1) shall, each
fiscal year, reserve 0.2 percent of the amount in the working
waterfronts preservation loan fund of the eligible coastal
state to provide financial assistance described in subsection
(f) to an Indian Tribe or a Native Hawaiian organization.
``(b) Intended Use Plans.--
``(1) In general.--Each eligible coastal state that enters
into a capitalization agreement under subsection (a)(1) shall
annually prepare an intended use plan, subject to notice and an
opportunity for public comment, that identifies the intended
uses of the amounts available to the working waterfronts
preservation loan fund of the eligible coastal state.
``(2) Contents.--Each intended use plan prepared by an
eligible coastal state under paragraph (1) shall include, with
respect to the eligible coastal state--
``(A) a list of each project to be assisted with
amounts from the working waterfronts preservation loan
fund in the first fiscal year that begins after the
date such intended use plan is finalized, including,
with respect to each such project--
``(i) a description of the project;
``(ii) the expected terms of financial
assistance; and
``(iii) the size of the community served;
``(B) the criteria and methods established to
distribute amounts from the working waterfronts
preservation loan fund; and
``(C) a description of the financial status of the
working waterfronts preservation loan fund and the
short- and long-term goals of such working waterfronts
preservation loan fund.
``(c) Working Waterfronts Preservation Loan Fund Management.--
``(1) In general.--Each working waterfronts preservation
loan fund under this section shall be established, maintained,
and credited with repayments and interest and the fund corpus
shall be available in perpetuity to provide financial
assistance described in subsection (f) to covered entities
under this section.
``(2) Extra amounts.--To the extent amounts in a working
waterfronts preservation loan fund are not required for
obligation or expenditure, such amounts shall be invested in
interest-bearing obligations.
``(d) Assistance for Disadvantaged Communities.--
``(1) Loan subsidy.--
``(A) In general.--Notwithstanding any other
provision of this section, if an eligible coastal state
makes a loan to a disadvantaged community pursuant to
subsection (a)(2), the eligible coastal state may
provide additional subsidization to such disadvantaged
community, including--
``(i) forgiveness of principal;
``(ii) grants;
``(iii) negative interest loans;
``(iv) other loan forgiveness; and
``(v) through buying, refinancing, or
restructuring debt.
``(B) Exclusion.--A loan from a working waterfronts
preservation loan fund with an interest rate equal to
or greater than 0 percent shall not be considered
additional subsidization for the purposes of this
subsection.
``(2) Total amount of subsidies.--Of the amount of a
capitalization grant received by an eligible coastal state for
any fiscal year, the total amount of loan subsidies made by
such eligible coastal state pursuant to paragraph (1)--
``(A) may not exceed 35 percent; and
``(B) to the extent that there are, as determined
by the Secretary, sufficient applications from
disadvantaged communities for loans, may not be less
than 12 percent.
``(e) Eligible Coastal State Contribution.--Each capitalization
agreement entered into under subsection (a)(1) shall require that the
eligible coastal state subject to such agreement deposit in the working
waterfronts preservation loan fund of the eligible coastal state an
amount equal to not less than 20 percent of the total amount of the
capitalization grant to be made to the eligible coastal state on or
before the date on which the capitalization grant payment is made to
the eligible coastal state.
``(f) Types of Assistance.--The amounts deposited into a working
waterfronts preservation loan fund of an eligible coastal state under
this section may be used by the eligible coastal state--
``(1) to make a loan to a covered entity, on the condition
that--
``(A) the interest rate for the loan does not
exceed the market rate;
``(B) principal and interest payments on the loan
will commence not later than 18 months after completion
of the project for which the loan was made;
``(C) the loan will be fully amortized not later
than 30 years after the completion of the project,
except that in the case of a disadvantaged community an
eligible coastal state may provide an extended term for
the loan, if the extended term--
``(i) terminates not later than the date
that is 40 years after the completion of the
project; and
``(ii) does not exceed the expected design
life of the project;
``(D) the recipient of the loan will establish a
dedicated source of revenue (or, in the case of a
privately owned working waterfront property,
demonstrate that there is adequate security) for the
repayment of the loan; and
``(E) the working waterfronts preservation loan
fund of the eligible coastal state will be credited
with all payments of principal and interest on the
loan;
``(2) to buy or refinance the debt obligation of a
municipality or an intermunicipal or interstate agency within
the eligible coastal state at an interest rate that is less
than or equal to the market interest rate;
``(3) to guarantee, or purchase insurance for, a local
obligation (all of the proceeds of which finance a project
eligible for financial assistance under this section) if the
guarantee or purchase would improve credit market access or
reduce the interest rate applicable to the obligation;
``(4) as a source of revenue or security for the payment of
principal and interest on a revenue or general obligation bond
issued by the eligible coastal state if the proceeds of the
sale of the bond will be deposited into the working waterfronts
preservation loan fund of the eligible coastal state; or
``(5) to earn interest on the amounts deposited into the
working waterfronts preservation loan fund of the eligible
coastal state.
``(g) Administration of Working Waterfronts Preservation Loan
Funds.--
``(1) Combined financial administration.--Notwithstanding
subsection (c), an eligible coastal state may combine the
financial administration of a working waterfronts preservation
loan fund of the eligible coastal state with the financial
administration of any other revolving fund established by the
eligible coastal state if the Secretary determines that the
capitalization grants made under this section, together with
loan repayments and interest, will be separately accounted for
and used solely for the purposes specified in subsection (a).
``(2) Cost of administering working waterfronts
preservation loan fund.--
``(A) In general.--For each fiscal year, an
eligible coastal state may use the amount described in
subparagraph (B)--
``(i) to cover the reasonable costs of
administration of the programs under this
section, including the recovery of reasonable
costs expended to establish a working
waterfronts preservation loan fund that are
incurred after the date of the enactment of
this section; and
``(ii) to provide technical assistance to
working waterfronts projects carried out within
the eligible coastal state.
``(B) Description of amount.--The amount referred
to in subparagraph (A) is an amount equal to the sum
of--
``(i) the amount of any fees collected by
the eligible coastal state for use in
accordance with subparagraph (A)(i), regardless
of the source; and
``(ii) the greater of--
``(I) $400,000;
``(II) 0.2 percent of the current
valuation of the working waterfronts
preservation loan fund of the eligible
coastal state; or
``(III) an amount equal to 4
percent of all grant awards made to the
working waterfronts preservation loan
fund of the eligible coastal state
under this section for the fiscal year.
``(h) Authorization of Appropriations.--There is authorized to be
appropriated to the Secretary to carry out this section $50,000,000 for
each of fiscal years 2025 through 2029.
``(i) Definitions.--In this section:
``(1) Approved working waterfronts plan.--The term
`approved working waterfronts plan' has the meaning given the
term in section 306B.
``(2) Covered entity.--The term `covered entity' means--
``(A) a State agency;
``(B) an Indian Tribe;
``(C) a Native Hawaiian organization;
``(D) a local government; or
``(E) a nonprofit organization.
``(3) Disadvantaged community.--The term `disadvantaged
community' has the meaning given the term in section 306B.
``(4) Eligible coastal state.--The term `eligible coastal
state' means a coastal state that has an approved working
waterfronts plan.
``(5) Working waterfront.--The term `working waterfront'
has the meaning given the term in section 306B.
``(6) Working waterfronts preservation loan fund.--The term
`working waterfronts preservation loan fund' means a revolving
loan fund established under this section for the preservation
of working waterfronts.''.
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