front is located for use in the implementa-
tion of the working waterfront plan of the 
State approved by the Secretary under this 
section; and 
‘‘(D) such covenant is subject to enforce-
ment and oversight by the coastal State or by 
another person as determined appropriate by 
the Secretary. 
‘‘(m) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to the Grant Program 
$15,000,000.’’. 
SEC. 3. WORKING WATERFRONTS PRESERVATION FUND; 
GRANTS. 
The Coastal Zone Management Act of 1972 (16 
U.S.C. 1451 et seq.) is further amended by adding at the 
end the following: 
‘‘SEC. 321. WORKING WATERFRONTS PRESERVATION LOAN 
FUND. 
‘‘(a) FUND.—There is established in the Treasury a 
separate account that shall be known as the ‘Working Wa-
terfronts Preservation Loan Fund’ (in this section re-
ferred to as the ‘Fund’). 
‘‘(b) USE.— 
‘‘(1) Subject to the availability of appropria-
tions, amounts in the Fund may be used by the Sec-
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retary to make loans to coastal States for the pur-
pose of implementing a working waterfront plan ap-
proved by the Secretary under section 320(c) 
through preservation, improvement, restoration, re-
habilitation, acquisition of working waterfront prop-
erties under criteria established by the Secretary. 
‘‘(2) Upon enactment of this section, the Sec-
retary of Commerce shall conduct a feasibility study 
on the administration of the development and man-
agement of a Working Waterfronts Preservation 
Loan Fund. 
‘‘(3) Upon the completion of the study under 
paragraph (2), the Secretary shall establish a fund 
in accordance with the results of that study, and es-
tablish such criteria as referenced in subsection (c) 
in consultation with States that have a management 
program approved by the Secretary of Commerce 
pursuant to section 306 and local government coast-
al management programs. 
‘‘(c) AWARD CRITERIA.—The Secretary shall award 
loans under this section through a regionally equitable, 
competitive funding process, and in accordance with the 
following: 
‘‘(1) The Governor, or the lead agency des-
ignated by the Governor for coordinating the imple-
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mentation of this section, where appropriate in con-
sultation with the appropriate local government, 
shall determine that an application for a loan is con-
sistent with the State’s approved coastal zone plan, 
program, and policies prior to submission to the Sec-
retary. 
‘‘(2) In developing guidelines under this section, 
the Secretary shall consult with coastal States, other 
Federal agencies, and other interested stakeholders 
with expertise in working waterfront planning. 
‘‘(3) Coastal States may allocate amounts 
loaned under this section to local governments, In-
dian Tribes, agencies, or nongovernmental organiza-
tions eligible for loans under this section. 
‘‘(4) In awarding a loan for activities in a 
coastal State, the Secretary shall consider— 
‘‘(A) the economic and cultural significance 
of working waterfront to the coastal State; 
‘‘(B) the demonstrated working waterfront 
needs of the coastal State as outlined by a 
working waterfront plan approved for the coast-
al State under section 320(c), and the value of 
the proposed loan for the implementation of 
such plan; 
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‘‘(C) the ability to successfully leverage 
loan funds among participating entities, includ-
ing Federal programs, regional organizations, 
State and other government units, landowners, 
corporations, or private organizations; 
‘‘(D) the potential for rapid turnover in 
the ownership of working waterfront in the 
coastal State, and where applicable the need for 
coastal States to respond quickly when prop-
erties in existing or potential working water-
front areas or public access areas as identified 
in the working waterfront plan submitted by 
the coastal State come under threat or become 
available; 
‘‘(E) the impact of the loan on the coastal 
ecosystem and the users of the coastal eco-
system; and 
‘‘(F) the extent of the historic connection 
between working waterfronts for which the loan 
will be used and the local communities within 
the coastal State. 
‘‘(d) LOAN AMOUNT AND TERMS.— 
‘‘(1) The amount of a loan under this section— 
‘‘(A) shall be not less than $100,000; and 
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‘‘(B) shall not exceed 15 percent of the 
amount in the Fund as of July 1 of the fiscal 
year in which the loan is made. 
‘‘(2) The interest rate for a loan under this sec-
tion shall not exceed 4 percent. 
‘‘(3) The repayment term for a loan under this 
section shall not exceed 20 years. 
‘‘(e) DEADLINE
FOR APPROVAL.—The Secretary 
shall approve or reject an application for a loan under this 
section within 60 days after receiving an application for 
the loan. 
‘‘(f) LIMIT ON ADMINISTRATIVE COSTS.—No more 
than 5 percent of the funds made available to the Sec-
retary under this section may be used by the Secretary 
for planning or administration of the program under this 
section. 
‘‘(g) DEFINITIONS.—The definitions in section 320(l) 
shall apply to this section. 
‘‘(h) AUTHORIZATION OF APPROPRIATIONS.—There 
is 
authorized 
to 
be 
appropriated 
to 
the 
Fund 
$15,000,000.’’. 
Æ 
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