119-hr1808

[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.''.
 <all>