required under subparagraph (A) by including 
the information required under that subpara-
graph in each report required under section 
316. 
‘‘(14) ADMINISTRATIVE EXPENSES.—The Sec-
retary 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 Sec-
retary 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 ap-
proved 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 re-
strictions on alienation imposed by the United 
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States or the reservation of the Indian Tribe is lo-
cated 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 busi-
nesses; and 
‘‘(C) boatbuilding, aquaculture, and other 
water-dependent, coastal-related businesses. 
‘‘(4) COVERED ENTITY.—The term ‘covered en-
tity’ 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 
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‘‘(C) has a coastal land use plan that the 
Secretary determines is sufficient for the pur-
poses of this section. 
‘‘(6) GRANT PROGRAM.—The term ‘grant pro-
gram’ 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 non-
profit 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, in-
cluding tourism; and 
‘‘(D) is located within a coastal state. 
‘‘(9) QUALIFIED HOLDER.—The term ‘qualified 
holder’ means— 
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‘‘(A) a unit of local government of a cov-
ered entity, if the covered entity is a coastal 
state; or 
‘‘(B) a nonprofit organization; 
that is designated by a covered entity in the ap-
proved working waterfronts plan of the covered enti-
ty to carry out some or all of the functions of the 
covered entity under the grant program if the cov-
ered 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 commu-
nity 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— 
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‘‘(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, aqua-
culture, and other water-dependent, coastal-re-
lated 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 work-
ing waterfront and a covered entity that is awarded 
a grant under the grant program or a qualified hold-
er of such covered entity that provides such assur-
ances as the Secretary determines necessary to en-
sure the following: 
‘‘(A) Except as provided in subparagraph 
(C), the title to or interest in the working wa-
terfront will be held by an entity that is subject 
to such agreement in perpetuity. 
‘‘(B) The working waterfront will be man-
aged in a manner that is consistent with the 
purposes of this section, and the working water-
front will not be converted to any use that is in-
consistent with this section. 
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‘‘(C) If the title to or interest in the work-
ing waterfront is subsequently sold or otherwise 
exchanged— 
‘‘(i) each party involved in such sale 
or exchange shall accede to such agree-
ment; and 
‘‘(ii) funds equal to the fair market 
value of the title to or interest in the work-
ing waterfront shall be paid to the Sec-
retary by the parties to the sale or ex-
change, and such funds shall be, at the 
discretion of the Secretary, paid to the rel-
evant covered entity or a qualified holder 
of such covered entity for use in the imple-
mentation of the approved working water-
fronts 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 deter-
mines appropriate. 
‘‘SEC. 
306C. 
WORKING 
WATERFRONTS 
PRESERVATION 
LOAN FUND. 
‘‘(a) GENERAL AUTHORITY.— 
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ble 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 work-
ing waterfronts preservation loan fund of such 
eligible coastal state, including loan repayments 
and interest earned on such amounts, to pro-
vide financial assistance described in subsection 
(f) to a covered entity to implement the ap-
proved working waterfronts plan of such eligible 
coastal state through preservation, improve-
ment, restoration, rehabilitation, and acquisi-
tion 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 water-
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fronts preservation loan fund of such eligible 
coastal state. 
‘‘(C) NO
INCREASED
BONDING
AUTHOR-
ITY.—Amounts deposited in the working water-
fronts preservation loan fund of an eligible 
coastal state may not be used as a source of 
payment of, or security for (directly or indi-
rectly), in whole or in part, any obligation the 
interest on which is exempt from the tax im-
posed 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 sec-
tion. 
‘‘(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. 
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‘‘(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 organi-
zation. 
‘‘(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 pre-
pared 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 
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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 water-
fronts 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 es-
tablished, maintained, and credited with repayments 
and interest and the fund corpus shall be available 
in perpetuity to provide financial assistance de-
scribed in subsection (f) to covered entities under 
this section. 
‘‘(2) EXTRA AMOUNTS.—To the extent amounts 
in a working waterfronts preservation loan fund are 
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not required for obligation or expenditure, such 
amounts shall be invested in interest-bearing obliga-
tions. 
‘‘(d) ASSISTANCE
FOR DISADVANTAGED COMMU-
NITIES.— 
‘‘(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 in-
terest rate equal to or greater than 0 percent 
shall not be considered additional subsidization 
for the purposes of this subsection. 
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‘‘(2) TOTAL AMOUNT OF SUBSIDIES.—Of the 
amount of a capitalization grant received by an eligi-
ble 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 deter-
mined 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 sub-
section (a)(1) shall require that the eligible coastal state 
subject to such agreement deposit in the working water-
fronts 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 eligi-
ble coastal state on or before the date on which the capital-
ization grant payment is made to the eligible coastal state. 
‘‘(f) TYPES OF ASSISTANCE.—The amounts depos-
ited 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— 
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‘‘(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 disadvan-
taged community an eligible coastal state may 
provide an extended term for the loan, if the ex-
tended 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 de-
sign 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 prop-
erty, demonstrate that there is adequate secu-
rity) for the repayment of the loan; and 
‘‘(E) the working waterfronts preservation 
loan fund of the eligible coastal state will be 
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credited with all payments of principal and in-
terest 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 ap-
plicable 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.— 
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‘‘(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 el-
igible coastal state with the financial administration 
of any other revolving fund established by the eligi-
ble coastal state if the Secretary determines that the 
capitalization grants made under this section, to-
gether with loan repayments and interest, will be 
separately accounted for and used solely for the pur-
poses specified in subsection (a). 
‘‘(2) COST OF ADMINISTERING WORKING WA-
TERFRONTS PRESERVATION LOAN FUND.— 
‘‘(A) IN GENERAL.—For each fiscal year, 
an eligible coastal state may use the amount de-
scribed in subparagraph (B)— 
‘‘(i) to cover the reasonable costs of 
administration of the programs under this 
section, including the recovery of reason-
able costs expended to establish a working 
waterfronts preservation loan fund that are 
incurred after the date of the enactment of 
this section; and 
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‘‘(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 ac-
cordance with subparagraph (A)(i), regard-
less 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 per-
cent 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. 
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‘‘(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 en-
tity’ 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 ‘eli-
gible 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 pres-
ervation loan fund’ means a revolving loan fund es-
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tablished under this section for the preservation of 
working waterfronts.’’. 
Æ 
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