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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6641 Introduced in House (IH)]

<DOC>

118th CONGRESS
  1st Session
                                H. R. 6641

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

                            December 6, 2023

  Ms. Pingree (for herself, Mr. Wittman, Mr. Huffman, Mr. Kilmer, Mr. 
Pallone, Mr. Keating, Mr. Golden of Maine, Mr. Moylan, and Ms. Hoyle of 
   Oregon) 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''.

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 2024 
        through 2028.
    ``(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 2024 through 2028.
    ``(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>
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