Mitigation Facilitation Act of 2015

Summary: Mitigation Facilitation Act of 2015 This bill requires the U.S. Army Corps of Engineers to establish a mitigation loan and loan guarantee program to enable political subdivisions of states to: (1) purchase credits from mitigation banks or in-lieu fee programs, or (2) acquire interests in property that are acquired pursuant to a mitigation project required by the Corps of Engineers under a Clean Water Act permit to discharge dredged or fill material into waters of the United States. Mitigation banks and in-lieu fee programs are designed to compensate for lost functions of waters of the United States resulting from activities under those permits. The authority provided by the bill expires in 10 years. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mitigation Facilitation Act of 
2015''.

SEC. 2. MITIGATION LOAN AND LOAN GUARANTEE PROGRAM.

    (a) Definitions.--In this section:
            (1) Eligible public entity.--The term ``eligible public 
        entity'' means a political subdivision of a State, including--
                    (A) a duly established town, township, or county;
                    (B) an entity established for the purpose of 
                regional governance;
                    (C) a special purpose entity; and
                    (D) a joint powers authority, or other entity 
                certified by the Governor of a State, to have authority 
                to implement a mitigation project required by the 
                Secretary under a permit required by section 404 of the 
                Federal Water Pollution Control Act (33 U.S.C. 1344).
            (2) Program.--The term ``program'' means the mitigation 
        loan and loan guarantee program established by the Secretary 
        under subsection (b)(1).
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Army, acting through the Chief of Engineers.
    (b) Loan and Loan Guarantee Program.--
            (1) Establishment.--As soon as practicable after the date 
        of enactment of this Act, the Secretary shall establish a 
        program to provide loans and loan guarantees to eligible public 
        entities to enable the eligible public entities--
                    (A) to purchase credits from mitigation banks or 
                in-lieu fee programs; or
                    (B) to acquire interests in real property that are 
                acquired pursuant to a mitigation project required by 
                the Secretary under a permit required by section 404 of 
                the Federal Water Pollution Control Act (33 U.S.C. 
                1344).
            (2) Application; approval process.--
                    (A) Application.--
                            (i) In general.--To be eligible to receive 
                        a loan or loan guarantee under the program, an 
                        eligible public entity shall submit to the 
                        Secretary an application at such time, in such 
                        form and manner, and including such information 
                        as the Secretary may require.
                            (ii) Solicitation of applications.--On a 
                        rolling basis, the Secretary shall accept from 
                        eligible public entities applications for loans 
                        and loan guarantees in accordance with this 
                        section.
                    (B) Approval by secretary.--
                            (i) In general.--Not later than 120 days 
                        after receipt of an application under 
                        subparagraph (A), the Secretary shall approve 
                        or disapprove the application.
                            (ii) Factors.--In approving or disapproving 
                        an application of an eligible public entity 
                        under clause (i), the Secretary may consider--
                                    (I) whether the financial plan of 
                                the eligible public entity for use of 
                                the loan or loan guarantee is in 
                                compliance with any requirements set 
                                forth in the applicable permit;
                                    (II) whether the eligible public 
                                entity has the ability to repay a loan 
                                or meet the terms of a loan guarantee 
                                under the program; and
                                    (III) any other factor that the 
                                Secretary determines to be appropriate.
                    (C) Administration of loans and loan guarantees.--
                As soon as practicable after the date on which the 
                Secretary approves an application under subparagraph 
                (B), the Secretary shall--
                            (i) establish the loan or loan guarantee 
                        with respect to the eligible public entity that 
                        is the subject of the application (including 
                        such terms and conditions as the Secretary may 
                        prescribe); and
                            (ii) carry out the administration of the 
                        loan or loan guarantee.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary to carry out this section such sums as 
are necessary.
    (d) Termination of Authority.--The authority under this section 
shall terminate on the date that is 10 years after the date of 
enactment of this Act.