Sec. 104. Working Waterfronts Preservation Fund; grants
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The Coastal Zone Management Act of 1972 ( 16 U.S.C. 1451 et seq.) is further amended by adding at the end the following: There is established in the Treasury a separate account that shall be known as the Working Waterfronts Preservation Loan Fund (in this section referred to as the Fund ). Subject to the availability of appropriations, amounts in the Fund may be used by the Secretary to make loans to coastal States for the purpose of implementing a working waterfront plan approved by the Secretary under section 321(c) through preservation, improvement, restoration, rehabilitation, acquisition of working waterfront properties under criteria established by the Secretary.
Upon enactment of this section, the Secretary of Commerce shall conduct a feasibility study on the administration of the development and management of a Working Waterfronts Preservation Loan Fund. Upon the completion of the study under paragraph (2), the Secretary shall establish a fund in accordance with the results of that study, and establish 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 coastal management programs. The Secretary shall award loans under this section through a regionally equitable, competitive funding process, and in accordance with the following: The Governor, or the lead agency designated by the Governor for coordinating the implementation of this section, where appropriate in consultation with the appropriate local government, shall determine that an application for a loan is consistent with the State’s approved coastal zone plan, program, and policies prior to submission to the Secretary. 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. Coastal States may allocate amounts loaned under this section to local governments, agencies, or nongovernmental organizations eligible for loans under this section. In awarding a loan for activities in a coastal State, the Secretary shall consider— the economic and cultural significance of working waterfront to the coastal State; the demonstrated working waterfront needs of the coastal State as outlined by a working waterfront plan approved for the coastal State under section 321(c), and the value of the proposed loan for the implementation of such plan; the ability to successfully leverage loan funds among participating entities, including Federal programs, regional organizations, State and other government units, landowners, corporations, or private organizations; 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 properties in existing or potential working waterfront areas or public access areas as identified in the working waterfront plan submitted by the coastal State come under threat or become available; the impact of the loan on the coastal ecosystem and the users of the coastal ecosystem; and the extent of the historic connection between working waterfronts for which the loan will be used and the local communities within the coastal State. The amount of a loan under this section— shall be not less than $100,000; and 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. The interest rate for a loan under this section shall not exceed 4 percent. The repayment term for a loan under this section shall not exceed 20 years. The Secretary shall approve or reject an application for a loan under this section within 60 days after receiving an application for the loan. No more than 5 percent of the funds made available to the Secretary under this section may be used by the Secretary for planning or administration of the program under this section. The definitions in section 321(l) shall apply to this section. There is authorized to be appropriated to the Fund $12,000,000 for each of fiscal years 2020 through 2024. .
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Sec. 104
Working Waterfronts Preservation Fund; grants
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