‘‘(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-
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 
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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. 
‘‘(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. 
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‘‘(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 
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.— 
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‘‘(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 
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; 
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‘‘(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. 
‘‘(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-
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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— 
‘‘(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; 
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‘‘(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 
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 
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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 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 
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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 
‘‘(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 
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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 2026 
through 2030. 
‘‘(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. 
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‘‘(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-
tablished under this section for the preservation of 
working waterfronts.’’. 
SEC. 203. SEAFOOD MARKETING. 
(a) OUTREACH PLAN.—The Secretary of Agriculture, 
in conjunction with the Administrator, shall develop an 
outreach plan to expand outreach by the Department of 
Agriculture to fishing industry stakeholders to increase 
awareness of and assist with the use of programs in the 
Agricultural Marketing Service by such stakeholders. 
(b) STUDY.—The Administrator shall, in consultation 
with the Secretary of Agriculture and members of the sea-
food industry, study the possibility of establishing edu-
cation and marketing programs within the National Oce-
anic and Atmospheric Administration. 
(c) REPORTS.—Not later than 2 years after the date 
of the enactment of this section— 
(1) the Secretary of Agriculture, in conjunction 
with the Administrator, shall submit a report to 
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Congress regarding the outreach plan developed 
under subsection (a); and 
(2) the Administrator shall submit to Congress 
a report regarding the findings of the study con-
ducted under subsection (b). 
SEC. 204. COMMUNITY PARTICIPATION IN LIMITED ACCESS 
PRIVILEGE PROGRAMS. 
(a) IN
GENERAL.—Section 303A(c) (16 U.S.C. 
1853a(c)) is amended— 
(1) in paragraph (1)— 
(A) in subparagraph (C)(iii), by inserting 
‘‘, including the participation of fishing commu-
nities in the fishery’’ after ‘‘benefits’’; 
(B) in subparagraph (J), by striking 
‘‘and’’ at the end; 
(C) in subparagraph (K), by striking the 
period at the end and inserting ‘‘; and’’; and 
(D) by adding at the end the following: 
‘‘(L) consider the needs of fishing commu-
nities and provide a process for fishing commu-
nities to participate in the limited access privi-
lege program in accordance with subsection 
(c)(3).’’; and 
(2) by amending paragraph (3) to read as fol-
lows: 
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‘‘(3) FISHING COMMUNITIES.— 
‘‘(A) ELIGIBILITY.—To be eligible to par-
ticipate in a limited access privilege program to 
harvest fish, a fishing community shall— 
‘‘(i) be located within the management 
area of the relevant Council; 
‘‘(ii) consist of residents who conduct 
commercial or recreational fishing, proc-
essing, or fishery-dependent support busi-
nesses within the management area of the 
relevant Council; 
‘‘(iii) seek to participate in such pro-
gram for a purpose other than perfecting 
or realizing a security interest in such ac-
cess; and 
‘‘(iv) develop and submit a community 
sustainability plan to the relevant Council 
and the Secretary that demonstrates how 
the plan will address the social and eco-
nomic development needs of coastal com-
munities, including those that have not his-
torically had the resources to participate in 
the fishery, for approval. 
‘‘(B) COMMUNITY
SUSTAINABILITY
PLAN 
APPROVAL.— 
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‘‘(i) IN GENERAL.—A community sus-
tainability plan submitted by a fishing 
community to a Council and the Secretary 
for approval shall include the following 
components: 
‘‘(I) A description of the entity 
and the Board and governance for the 
entity that will receive the allocation. 
‘‘(II) A description of the quota 
allocation process that will be used by 
the entity, including an appeals proc-
ess within the entity. 
‘‘(III) Provisions for monitoring 
and enforcement of the community 
sustainability plan. 
‘‘(IV) Goals and objectives for 
the fishing community and how the 
entity will use the allocation to meet 
those goals and objectives. 
‘‘(V) A description of how the en-
tity will sustain the participation of 
the fishing community in the fisheries, 
including providing for new entry and 
intergenerational 
transfer, 
encour-
aging active participation and ad-
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dressing economic barriers to access 
to the fisheries. 
‘‘(VI) A description of how the 
community sustainability plan will ad-
dress the projected economic and so-
cial impacts associated with the imple-
mentation of the limited access privi-
lege program, including the potential 
for strengthening economic conditions 
in remote fishing communities that 
lack the resources to participate in 
harvesting activities in the fishery. 
‘‘(VII) A description of how the 
community sustainability plan will en-
sure the benefits of participating in 
the limited access privilege program 
accrue to the fishing community and 
participants, including limitations or 
measures necessary to prevent an in-
equitable concentration of limited ac-
cess privileges within the fishing com-
munity. 
‘‘(ii) PREVIOUSLY ADOPTED PLAN.—A 
community sustainability plan submitted 
before the date of the enactment of the 
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Sustaining America’s Fisheries for the Fu-
ture Act of 2025 shall not be invalidated 
by failure to comply with clause (i) unless 
such plan is amended after such date.’’. 
(b) AUDIT.— 
(1) IN GENERAL.—The inspector general of the 
Department of Commerce shall conduct an audit re-
garding limited access privilege programs for feder-
ally managed fisheries in the United States. 
(2) DETERMINATIONS AND DISCLOSURES.—The 
audit required under paragraph (1) shall determine 
and disclose the following: 
(A) The amount of harvest privileges or 
transferable quota that were actively harvested 
in each year from 2020 through 2025. 
(B) The amount of harvest privileges or 
transferable quota that were leased to other 
parties or entities in each year from 2020 
through 2025. 
(C) The names of each corporation, part-
nership, or other authorized entity that, at the 
time such audit is conducted, hold harvesting 
privileges or transferable quota in Federal fish-
eries. 
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(D) The proportion of transferable quota 
holders (including both individuals and author-
ized entities) that, at the time such audit is 
conducted, are actively fishing their harvesting 
privileges. 
(E) The average cost of a transferable har-
vest share in each federally managed limited ac-
cess privilege program. 
(F) The average leasing cost of a transfer-
able harvest share in each federally managed 
limited access privilege program where, at the 
time such audit is conducted, leasing is occur-
ring. 
(3) ADDITIONAL REQUIREMENTS.—In addition 
to the requirements under paragraph (2), the audit 
required under paragraph (1) shall— 
(A) evaluate the performance of the Sec-
retary in overseeing limited access privilege pro-
grams in accordance with section 303A(c)(1)(J) 
(16 U.S.C. 1853a(c)(1)(J)); and 
(B) recommend policies to strengthen 
transparency and achieve full disclosure of own-
ership of harvest privileges in limited access 
privilege programs. 
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(4) CONGRESSIONAL BRIEFING.—Not later than 
1 year after the date of the enactment of the Sus-
taining America’s Fisheries for the Future Act of 
2025, the inspector general of the Department of 
Commerce shall brief the appropriate committees of 
Congress on the preliminary findings of the audit 
conducted under paragraph (1). 
(5) FINAL REPORT.—Not later than 30 days 
after the date on which a briefing occurs under 
paragraph (4), the inspector general of the Depart-
ment of Commerce shall submit to Congress a final 
report setting forth the results of the audit con-
ducted under paragraph (1). 
SEC. 205. FINDINGS. 
Section 2(a)(3) (16 U.S.C. 1801(a)(3)) is amended 
to read as follows: 
‘‘(3) Commercial, recreational, and charter fish-
ing constitute major sources of employment and con-
tribute significantly to the economy of the Nation. 
Many coastal areas are dependent upon fishing and 
related activities, and the economies of such areas 
have been badly damaged by the overfishing of fish-
ery resources; ensuring the sustainable use of fishery 
resources is essential to the economic well-being of 
such areas.’’. 
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