Sec. 503. Federal ship financing (title XI) program
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Section 53702 of title 46, United States Code, is amended by adding at the end the following: Not later than 30 days after the date of enactment of the SHIPS for America Act of 2024 , the Secretary shall establish a revolving loan fund to be administered by the National Surface Transportation and Innovation Finance Bureau established under section 116 of title 49. Any funds appropriated to carry out this chapter shall be deposited in the fund, along with any proceeds generated from the loan guarantee program under this chapter including any fees collected under section 53713 or 53714.
The Secretary or Administrator shall make a guarantee of payments or commitment to guarantee payments under subsection
(a)or for the Secretary to make direct loan obligations under subsection
(b)out of the revolving loan fund. There is authorized to be appropriated, out of the Maritime Security Trust Fund established under section 9512 of the Internal Revenue Code of 1986, $100,000,000 for fiscal year 2025 to be available until expended to the revolving loan fund established under subsection (c). . Section 53704 of title 46, United States Code, is amended— in subsection (a), by striking facilities. and inserting facilities, and not less than 50 percent of obligations guaranteed under this chapter shall be for projects that do not receive any payments or Federal financial assistance from financial assistance programs established under this part. ; and in subsection (c), by adding at the end the following: The Administrator shall ensure that the system of risk categories under paragraph
(2)takes into consideration whether a project subject to a guarantee under this chapter is a project to construct, reconstruct, or recondition a Vessel of National Interest. . Section 53706(a)(8) of title 46, United States Code, is amended— by striking States. and inserting States that is required— ; and by adding at the end the following new subparagraphs: for the vessel to be a vessel of the United States; for the vessel to be issued a coastwise endorsement under chapter 121; to convert a civilian vessel of the United States to a more useful military configuration; for any vessel under contract to the Federal Government; or for any United States-built vessel participating in— the Maritime Security Program or the Emergency Preparedness Program under chapter 531; the Cable Security Fleet under chapter 532; the Tanker Security Fleet under chapter 534; the Strategic Commercial Fleet under chapter 536; the Shipbuilding Financial Incentive under chapter 538; or the National Defense Reserve Fleet under section 57100. . Section 53733 of title 46, United States Code, is amended by adding at the end the following: Section 54101(d)(2) shall apply to any funds obligated by the Administrator under this section. .