,i #aaith ,,congress #ast ,session ,h4 ,r4 #ahjh ,,in ,,the ,,house ,,of ,,representatives ,march #c1 #bjbe,ms4 ,pingree 7for herself1 ,mr4 ,wittman1 ,mr4 ,golden of ,maine1 ,mr4 ,peters1 ,mr4 ,tonko1 ,mr4 ,carbajal1 ,mr4 ,magaziner1 ,ms4 ,tokuda1 ,ms4 ,brown1 ,mr4 ,carter of ,louisiana1 and ,mr4 ,amo7 introduced the following bill2 which was referred to the ,committee on ,natural ,resources ,a ,,bill ,to amend the ,coastal ,zone ,management ,act of #aigb to establish a working waterfronts ,task ,force and working waterfronts grant and loan programs1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,keep ,america's ,waterfronts ,working ,act of #bjbe4 #b4 ,working waterfronts ,the ,coastal ,zone ,management ,act of #aigb 7#af ,u4,s4,c4 #adea et seq47 is amended by inserting after section #cjf;,a 7#af ,u4,s4,c4 #adee;a7 the following3 #cjf;,b4 ,working waterfronts 7a7 ,task ,force 7#a7 ,in general ,the ,secretary shall establish a task force to work directly with covered entities1 users of working waterfronts1 and coastal stakeholders to identify and address critical needs with respect to working waterfronts4 7#b7 ,membership ,the ,secretary shall appoint members of the ,task ,force1 and shall include-- 7,a7 experts in the unique economic1 social1 cultural1 ecological1 geographic1 and resource concerns of working waterfronts2 and 7,b7 representatives from-- 7i7 the ,office of ,coastal ,management of the ,national ,oceanic and ,atmospheric ,administration2 7ii7 the ,united ,states ,fish and ,wildlife ,service2 7iii7 the ,department of ,agriculture2 7iv7 the ,environmental ,protection ,agency2 7v7 the ,united ,states ,geological ,survey2 7vi7 the ,department of the ,navy2 7vii7 the ,national ,marine ,fisheries ,service2 7viii7 the ,economic ,development ,administration2 7ix7 such other ,federal agencies as the ,secretary determines appropriate2 7x7 ,indian ,tribes2 and 7xi7 ,native ,hawaiian organizations4 7#c7 ,functions ,the ,task ,force shall-- 7,a7 identify and prioritize critical needs with respect to working waterfronts in coastal states that have a management program approved under section #cjf1 in the areas of-- 7i7 economic and cultural importance of such working waterfronts to communities2 7ii7 changing circumstances and threats such working waterfronts face from trade barriers and environmental changes1 including sea level rise1 extreme weather events1 ocean acidification1 and harmful algal blooms2 and 7iii7 identifying such working waterfronts and highlighting them within communities2 7,b7 outline options1 in consultation with coastal states and coastal stakeholders1 to address each critical need identified under subparagraph 7,a71 including adaptation and mitigation options where applicable2 7,c7 identify which ,federal agency is responsible for addressing each critical need identified under subparagraph 7,a72 and 7,d7 recommend which ,federal agency is best suited to address each critical need identified under subparagraph 7,a7 for which no responsible ,federal agency is identified under subparagraph 7,c74 7#d7 ,report ,not later than #ah months after the date of the enactment of this section1 the ,task ,force shall submit to ,congress a report regarding the findings of the ,task ,force under this subsection4 7#e7 ,implementation ,not later than #cj months after the date of the enactment of this section1 the head of each ,federal agency identified under paragraph 7#c77;,c7 shall1 to the extent practicable and subject to the availability of appropriations1 implement the options outlined under paragraph 7#c77;,b74 7b7 ,working waterfronts plan 7#a7 ,in general ,a covered entity may submit to the ,secretary a working waterfronts plan for approval under this subsection1 which1 as applicable and with respect to the covered entity-- 7,a7 shall-- 7i7 provide for the preservation and expansion of access to coastal waters by coastal users2 7ii7 be complementary to and incorporate the policies1 objectives1 and regulations of regional and local working waterfronts plans or strategies in effect before the date of the enactment of this section2 7iii7 be developed through a process that-- 7,i7 ensures the involvement of coastal stakeholders2 and 7,,ii7 is consistent with other coastal management programs1 regulations1 and activities of the covered entity2 7iv7 designate each qualified holder of the covered entity1 if any2 7v7 if the covered entity designates a qualified holder under clause 7iv7-- 7,i7 ensure that such qualified holder complies with the duty of a qualified holder to enforce each working waterfront covenant to which the qualified holder is a party2 and 7,,ii7 certify that the covered entity retains the responsibility to ensure that each affected working waterfront is managed in a manner that is consistent with the working waterfronts plan of the covered entity2 and 7vi7 include-- 7,i7 an assessment of the economic1 social1 cultural1 and historical value of working waterfronts2 7,,ii7 a description of any relevant non-,federal laws and regulations that affect working waterfronts in the geographic areas identified under subclauses 7,,iii7 and 7,,iv72 7,,iii7 an identification of geographic areas where working waterfronts are1 as of the date of the enactment of this subsection1 under threat of conversion to uses incompatible with commercial and recreational fishing1 recreational fishing and boating businesses1 aquaculture1 boatbuilding1 or other water-dependent1 coastal-related business1 and the level of that threat2 7,,iv7 an identification of geographic areas with a historical connection to working waterfronts where working waterfronts are not1 as of the date of the enactment of this section1 available1 and1 where appropriate1 an assessment of the environmental impacts of any expansion or new development of working waterfronts on the coastal ecosystems of such geographic areas2 7,v7 an identification of additional working waterfronts needs1 including improvements to existing working waterfronts2 7,,vi7 a strategic and prioritized plan for the preservation1 expansion1 and improvement of each relevant working waterfront2 7,,vii7 for geographic areas identified under subclauses 7,,iii7 and 7,,iv71 an identification of the current availability and potential for expansion of public access to coastal waters in such geographic areas2 7,,viii7 a description of the degree of community support for the plan included under subclause 7,,vi72 and 7,,ix7 a contingency plan for any property that reverts to the covered entity pursuant to a determination made by the covered entity under subsection 7c77#aa77;,b72 and 7,b7 may-- 7i7 be developed using existing information contained in relevant surveys1 plans1 or other documents to fulfill the information requirements under this paragraph2 7ii7 include a vulnerability assessment1 hazards resilience plan1 or identification of waterfront properties exposed to sea level rise or inundation2 and 7iii7 be part of a management program approved under section #cjf4 7#b7 ,duration of approval 7,a7 ,in general ,a working waterfronts plan approved by the ,secretary under this subsection shall be effective during the #e-year period beginning on the date of such approval4 7,b7 ,maintenance of approval ,an eligible covered entity that participates in the grant program on the basis of an approved working waterfronts plan of that eligible covered entity shall resubmit such working waterfronts plan for approval by the ,secretary before the end of each #e-year period described in subparagraph 7,a74 7c7 ,working ,waterfronts ,grant ,program 7#a7 ,in general ,the ,secretary shall1 in consultation with covered entities1 ,federal agencies the ,secretary determines appropriate1 and interested coastal stakeholders with expertise in working waterfronts planning1 establish a regionally equitable and competitive grant program1 to be known as the ,working ,waterfronts ,grant ,program4 7#b7 ,uses ,the ,secretary may award grants under this subsection to eligible covered entities-- 7,a7 to implement or revise an approved working waterfronts plan of such eligible covered entity1 including-- 7i7 acquiring a working waterfront or an interest in a working waterfront2 7ii7 making improvements to a working waterfront1 including constructing or repairing wharfs1 boat ramps1 or related facilities2 or 7iii7 carrying out necessary climate adaptation mitigation activities for a working waterfront2 or 7,b7 to develop a working waterfronts plan of such eligible covered entity under subsection 7b74 7#c7 ,application 7,a7 ,in general ,to be eligible for a grant under this subsection1 an eligible covered entity shall submit an application to the ,secretary-- 7i7 that1 if applicable1 is consistent with the management program of the eligible covered entity approved under section #cjf2 and 7ii7 in such form1 at such time1 and containing such information as the ,secretary determines appropriate4 7,b7 ,deadline ,not later than #fj days after the date on which the ,secretary receives an application for a grant under this paragraph1 the ,secretary shall approve or reject such application4 7#d7 ,guidelines ,the ,secretary shall1 in consultation with the entities described in paragraph 7#a71 issue guidelines regarding the implementation of the grant program4 7#e7 ,criteria ,in awarding a grant to an eligible covered entity1 the ,secretary shall take into account the following criteria3 7,a7 ,the economic1 cultural1 and historical significance of working waterfronts to the eligible covered entity4 7,b7 ,the demonstrated working waterfronts needs of the eligible covered entity1 as described in the approved working waterfronts plan of the eligible covered entity1 if any4 7,c7 ,the ability of the eligible covered entity to meet the matching requirement under paragraph 7#aj74 7,d7 ,the potential for rapid turnover in the ownership of relevant working waterfronts1 and1 if applicable1 the need for the eligible covered entity to respond quickly when property in an existing or potential working waterfront area or public access area1 as identified in the approved working waterfronts plan of the eligible covered entity1 if any1 comes under threat of conversion to incompatible uses or becomes available for purchase4 7,e7 ,as applicable1 the impact of the approved working waterfronts plan of the eligible covered entity1 if any1 on the coastal ecosystem and working waterfronts of the eligible covered entity and the users of the coastal ecosystem of the eligible covered entity4 7#f7 ,other technical and financial assistance 7,a7 ,in general ,upon the request of an eligible covered entity that is awarded a grant under this subsection1 the ,secretary shall provide to such eligible covered entity technical assistance-- 7i7 to identify and obtain sources of ,federal technical or financial assistance other than that provided under this subsection to develop a working waterfronts plan for approval under subsection 7b7 or to implement or revise an approved working waterfronts plan2 7ii7 to develop a working waterfronts plan for approval under subsection 7b72 7iii7 to implement or revise an approved working waterfronts plan2 7iv7 to integrate resilience planning into working waterfronts preservation efforts of such eligible covered entity2 7v7 to develop additional tools to protect working waterfronts2 7vi7 regarding guidance for best storm water management practices with regard to working waterfronts2 or 7vii7 to collect and disseminate best practices regarding working waterfronts and resilience planning4 7,b7 ,limitation ,the ,secretary may use not more than #e percent of the amounts made available under this subsection in each fiscal year to provide technical assistance under this paragraph4 7#g7 ,public access requirement ,a project carried out with a grant awarded under this subsection1 other than a project that involves commercial fishing or other industrial access points to which the eligible covered entity determines public access would be unsafe1 shall provide for the expansion1 improvement1 or preservation of reasonable and appropriate public access to coastal waters at or in the vicinity of working waterfronts4 7#h7 ,limitation on acquisition ,an eligible covered entity that is awarded a grant under this subsection1 or any entity to which such eligible covered entity allocates a portion of such grant under paragraph 7#i71 may use such grant award to acquire title to or an interest in a working waterfront1 including an easement1 only-- 7,a7 for fair market value from a willing seller2 or 7,b7 for less than fair market value from a seller that certifies to the ,secretary that the seller is willing and is not subject to coercion4 7#i7 ,allocation 7,a7 ,in general ,an eligible covered entity that is awarded a grant under this subsection may allocate a portion of such grant award to a unit of ,state or local government1 a nonprofit organization1 a fishing cooperative1 or any other appropriate entity for the purpose of carrying out this subsection if such eligible covered entity ensures that any such allocated grant award is used consistently with this subsection4 7,b7 ,identified working waterfronts ,the ,secretary shall encourage each eligible covered entity that is awarded a grant under this subsection to equitably allocate such grant award among working waterfronts identified in the approved working waterfronts plan of each such eligible covered entity1 if any4 7#aj7 ,matching requirement 7,a7 ,in general ,except as provided in subparagraph 7,b71 the ,federal share of a project carried out with a grant awarded under this subsection may not exceed #ge percent4 7,b7 ,waiver of matching requirement ,the ,secretary may waive the application of subparagraph 7,a7-- 7i7 with respect to an eligible covered entity that is awarded a grant under this subsection that has designated a qualified holder that is located within-- 7,i7 a disadvantaged community2 or 7,,ii7 a community that has an inability to draw on other sources of funding because of the small population or low income of the community2 or 7ii7 for any other reason the ,secretary determines appropriate4 7,c7 ,non-,federal share ,an eligible covered entity that is awarded a grant under this subsection may satisfy the non-,federal share of a project carried out with a grant awarded under this subsection through in-kind contributions and other noncash support1 including the following3 7i7 ,the value1 as determined by an appraisal performed at such time before the award of the grant as the ,secretary determines appropriate1 of a working waterfront or an interest in a working waterfront1 including conservation and other easements1 that is held in perpetuity by a qualified holder1 if the working waterfront or interest in a working waterfront-- 7,i7 is identified in the grant application2 and 7,,ii7 is acquired by the qualified holder not later than #c years after-- 7aa7 the grant award date2 or 7bb7 the date of the submission of such application and before the end of the initial #e-year period for which the approved working waterfronts plan associated with the grant application1 if any1 is effective4 7ii7 ,the costs1 including cash or in-kind contributions1 associated with the acquisition1 restoration1 or enhancement of or making other improvements to a working waterfront or an interest in a working waterfront1 if-- 7,i7 such costs are identified in the grant application2 and 7,,ii7 the costs are incurred-- 7aa7 before the end of the initial #e-year period for which the approved working waterfronts plan associated with the grant application1 if any1 is effective2 or 7bb7 for working waterfronts described in clause 7i71 within the time limits described in that clause4 7#aa7 ,working waterfront covenants 7,a7 ,in general ,an eligible covered entity that is awarded a grant under this subsection may use such grant award with respect to a working waterfront only for which each person other than the eligible covered entity that holds title to or an interest in such working waterfront enters into a working waterfront covenant4 7,b7 ,violation 7i7 ,in general ,an eligible covered entity may determine1 on the record after an opportunity for a hearing1 that a working waterfront covenant of the eligible covered entity has been violated4 7ii7 ,reversion2 conveyance2 right of immediate entry ,if an eligible covered entity makes a determination under clause 7i7 that a violation described under that clause has occurred-- 7,i7 all right1 title1 and interest in and to the working waterfront covered by the violated working waterfront covenant shall revert to the eligible covered entity2 7,,ii7 the eligible covered entity may convey the working waterfront or interest in the working waterfront to a qualified holder2 and 7,,iii7 the eligible covered entity shall have the right of immediate entry onto the working waterfront covered by the violated working waterfront covenant4 7#ab7 ,terms and conditions ,the ,secretary shall subject each grant awarded under this subsection to such terms and conditions as the ,secretary determines appropriate to ensure that each such grant is used for purposes consistent with this section4 7#ac7 ,report 7,a7 ,in general ,the ,secretary shall biennially submit to ,congress a report regarding the implementation of this subsection1 which shall include-- 7i7 an evaluation1 based on performance measures developed by the ,secretary1 of the effectiveness of the grant program in accomplishing the purposes of this subsection2 7ii7 an account of all expenditures under this subsection2 and 7iii7 descriptions of each project carried out using a grant awarded under this section4 7,b7 ,alternative manner of submission ,the ,secretary may submit each report required under subparagraph 7,a7 by including the information required under that subparagraph in each report required under section #caf4 7#ad7 ,administrative expenses ,the ,secretary may use not more than #e percent of the amounts made available under this subsection in each fiscal year to pay the administrative expenses necessary to carry out this subsection4 7#ae7 ,authorization of appropriations ,there is authorized to be appropriated to the ,secretary to carry out this subsection #ej1jjj1jjj for each of fiscal years #bjbe through #bjbi4 7d7 ,definitions ,in this section3 7#a7 ,approved working waterfronts plan ,the term approved working waterfronts plan means a working waterfronts plan that is approved by the ,secretary under subsection 7b74 7#b7 ,coastal ,indian ,tribe ,the term coastal ,indian ,tribe means an ,indian ,tribe with respect to which land owned by the ,indian ,tribe1 held in trust by the ,united ,states for the ,indian ,tribe1 or held by the ,indian ,tribe and subject to restrictions on alienation imposed by the ,united ,states or the reservation of the ,indian ,tribe is located within a coastal state4 7#c7 ,coastal users ,the term coastal users means-- 7,a7 persons that engage in commercial or recreational fishing2 7,b7 recreational fishing and boating businesses2 and 7,c7 boatbuilding1 aquaculture1 and other water-dependent1 coastal-related businesses4 7#d7 ,covered entity ,the term covered entity means-- 7,a7 a coastal state2 7,b7 a coastal ,indian ,tribe2 or 7,c7 a ,native ,hawaiian organization4 7#e7 ,eligible covered entity ,the term eligible covered entity means a covered entity that-- 7,a7 has an approved working waterfronts plan2 7,b7 is in the process of developing a working waterfronts plan for approval under subsection 7b72 or 7,c7 has a coastal land use plan that the ,secretary determines is sufficient for the purposes of this section4 7#f7 ,grant program ,the term grant program means the grant program established under subsection 7c74 7#g7 ,indian ,tribe ,the term ,indian ,tribe has the meaning given the term in section #d of the ,indian ,self-,determination and ,education ,assistance ,act 7#be ,u4,s4,c4 #ecjd74 7#h7 ,native ,hawaiian organization ,the term ,native ,hawaiian organization means a nonprofit organization-- 7,a7 that serves the interests of ,native ,hawaiians2 7,b7 in which ,native ,hawaiians serve in substantive and policymaking positions2 7,c7 that is recognized for having expertise in ,native ,hawaiian culture and heritage1 including tourism2 and 7,d7 is located within a coastal state4 7#i7 ,qualified holder ,the term qualified holder means-- 7,a7 a unit of local government of a covered entity1 if the covered entity is a coastal state2 or 7,b7 a nonprofit organization2 that is designated by a covered entity in the approved working waterfronts plan of the covered entity to carry out some or all of the functions of the covered entity under the grant program if the covered entity applies for and is awarded a grant under the grant program1 including holding title to or an interest in a working waterfront acquired with a grant awarded under the grant program4 7#aj7 ,task ,force ,the term ,task ,force means the task force established under subsection 7a77#a74 7#aa7 ,disadvantaged community ,the term disadvantaged community means a community the ,secretary determines1 based on appropriate data1 indices1 and screening tools1 is economically1 socially1 or environmentally disadvantaged4 7#ab7 ,working waterfront ,the term working waterfront means real property 7including support structures over water and other facilities7 that-- 7,a7 provides access to coastal waters by coastal users2 and 7,b7 is used for1 or supports1 commercial and recreational fishing1 recreational fishing and boating businesses1 and boatbuilding1 aquaculture1 and other water-dependent1 coastal-related business4 7#ac7 ,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 working waterfront and a covered entity that is awarded a grant under the grant program or a qualified holder of such covered entity that provides such assurances as the ,secretary determines necessary to ensure the following3 7,a7 ,except as provided in subparagraph 7,c71 the title to or interest in the working waterfront will be held by an entity that is subject to such agreement in perpetuity4 7,b7 ,the working waterfront will be managed in a manner that is consistent with the purposes of this section1 and the working waterfront will not be converted to any use that is inconsistent with this section4 7,c7 ,if the title to or interest in the working waterfront is subsequently sold or otherwise exchanged-- 7i7 each party involved in such sale or exchange shall accede to such agreement2 and 7ii7 funds equal to the fair market value of the title to or interest in the working waterfront shall be paid to the ,secretary by the parties to the sale or exchange1 and such funds shall be1 at the discretion of the ,secretary1 paid to the relevant covered entity or a qualified holder of such covered entity for use in the implementation of the approved working waterfronts plan of the covered entity4 7,d7 ,such agreement shall be subject to enforcement and oversight by the covered entity or by another person as the ,secretary determines appropriate4 #cjf;,c4 ,working ,waterfronts ,preservation ,loan ,fund 7a7 ,general authority 7#a7 ,grants to eligible coastal states to establish working waterfronts preservation loan funds 7,a7 ,in general ,the ,secretary may enter into an agreement with an eligible coastal state to issue a capitalization grant1 including a letter of credit1 to such eligible coastal state to implement the approved working waterfronts plan of such eligible coastal state4 7,b7 ,establishment of working waterfronts preservation loan funds 7i7 ,in general ,to be eligible to receive a capitalization grant under this subsection1 an eligible coastal state shall establish a working waterfronts preservation loan fund4 7ii7 ,deposit ,each capitalization grant made to an eligible coastal state under this paragraph shall be deposited in the working waterfronts preservation loan fund of such eligible coastal state4 7,c7 ,extended period ,a capitalization grant made to an eligible coastal state under this section shall be available to the eligible coastal state for obligation for a period of #b fiscal years4 7#b7 ,use of funds 7,a7 ,in general ,an eligible coastal state shall use amounts deposited in the working waterfronts preservation loan fund of such eligible coastal state1 including loan repayments and interest earned on such amounts1 to provide financial assistance described in subsection 7f7 to a covered entity to implement the approved working waterfronts plan of such eligible coastal state through preservation1 improvement1 restoration1 rehabilitation1 and acquisition of working waterfronts pursuant to criteria established by the ,secretary4 7,b7 ,sale of bonds ,a covered entity may use amounts received under this section as a source of revenue 7restricted solely to interest earnings of the applicable working waterfronts preservation loan fund7 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 7e7 if the proceeds of the sale of the bond will be deposited in the working waterfronts preservation loan fund of such eligible coastal state4 7,c7 ,no increased bonding authority ,amounts deposited in the working waterfronts preservation loan fund of an eligible coastal state may not be used as a source of payment of1 or security for 7directly or indirectly71 in whole or in part1 any obligation the interest on which is exempt from the tax imposed under chapter #a of the ,internal ,revenue ,code of #aihf4 7#c7 ,limitation ,an eligible coastal state may not provide financial assistance described in subsection 7f7 to a covered entity that does not have the technical1 managerial1 and financial capability to ensure compliance with the requirements of this section4 7#d7 ,prevailing wages ,the ,secretary shall ensure compliance with the provisions of the ,act of ,march #c1 #aica 7#dj ,u4,s4,c4 #cada et seq42 commonly known as the ,davis-,bacon ,act7 with respect to any construction project carried out in whole or in part with financial assistance made available from a working waterfronts preservation loan fund4 7#e7 ,reservation ,each eligible coastal state that enters into a capitalization agreement under paragraph 7#a7 shall1 each fiscal year1 reserve #j4b percent of the amount in the working waterfronts preservation loan fund of the eligible coastal state to provide financial assistance described in subsection 7f7 to an ,indian ,tribe or a ,native ,hawaiian organization4 7b7 ,intended use plans 7#a7 ,in general ,each eligible coastal state that enters into a capitalization agreement under subsection 7a77#a7 shall annually prepare an intended use plan1 subject to notice and an opportunity for public comment1 that identifies the intended uses of the amounts available to the working waterfronts preservation loan fund of the eligible coastal state4 7#b7 ,contents ,each intended use plan prepared by an eligible coastal state under paragraph 7#a7 shall include1 with respect to the eligible coastal state-- 7,a7 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 finalized1 including1 with respect to each such project-- 7i7 a description of the project2 7ii7 the expected terms of financial assistance2 and 7iii7 the size of the community served2 7,b7 the criteria and methods established to distribute amounts from the working waterfronts preservation loan fund2 and 7,c7 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 fund4 7c7 ,working waterfronts preservation loan fund management 7#a7 ,in general ,each working waterfronts preservation loan fund under this section shall be established1 maintained1 and credited with repayments and interest and the fund corpus shall be available in perpetuity to provide financial assistance described in subsection 7f7 to covered entities under this section4 7#b7 ,extra amounts ,to the extent amounts in a working waterfronts preservation loan fund are not required for obligation or expenditure1 such amounts shall be invested in interest-bearing obligations4 7d7 ,assistance for disadvantaged communities 7#a7 ,loan subsidy 7,a7 ,in general ,notwithstanding any other provision of this section1 if an eligible coastal state makes a loan to a disadvantaged community pursuant to subsection 7a77#b71 the eligible coastal state may provide additional subsidization to such disadvantaged community1 including-- 7i7 forgiveness of principal2 7ii7 grants2 7iii7 negative interest loans2 7iv7 other loan forgiveness2 and 7v7 through buying1 refinancing1 or restructuring debt4 7,b7 ,exclusion ,a loan from a working waterfronts preservation loan fund with an interest rate equal to or greater than #j percent shall not be considered additional subsidization for the purposes of this subsection4 7#b7 ,total amount of subsidies ,of the amount of a capitalization grant received by an eligible coastal state for any fiscal year1 the total amount of loan subsidies made by such eligible coastal state pursuant to paragraph 7#a7-- 7,a7 may not exceed #ce percent2 and 7,b7 to the extent that there are1 as determined by the ,secretary1 sufficient applications from disadvantaged communities for loans1 may not be less than #ab percent4 7e7 ,eligible coastal state contribution ,each capitalization agreement entered into under subsection 7a77#a7 shall require that the eligible coastal state subject to such agreement deposit in the working waterfronts preservation loan fund of the eligible coastal state an amount equal to not less than #bj percent of the total amount of the capitalization grant to be made to the eligible coastal state on or before the date on which the capitalization grant payment is made to the eligible coastal state4 7f7 ,types of assistance ,the amounts deposited into a working waterfronts preservation loan fund of an eligible coastal state under this section may be used by the eligible coastal state-- 7#a7 to make a loan to a covered entity1 on the condition that-- 7,a7 the interest rate for the loan does not exceed the market rate2 7,b7 principal and interest payments on the loan will commence not later than #ah months after completion of the project for which the loan was made2 7,c7 the loan will be fully amortized not later than #cj years after the completion of the project1 except that in the case of a disadvantaged community an eligible coastal state may provide an extended term for the loan1 if the extended term-- 7i7 terminates not later than the date that is #dj years after the completion of the project2 and 7ii7 does not exceed the expected design life of the project2 7,d7 the recipient of the loan will establish a dedicated source of revenue 7or1 in the case of a privately owned working waterfront property1 demonstrate that there is adequate security7 for the repayment of the loan2 and 7,e7 the working waterfronts preservation loan fund of the eligible coastal state will be credited with all payments of principal and interest on the loan2 7#b7 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 rate2 7#c7 to guarantee1 or purchase insurance for1 a local obligation 7all of the proceeds of which finance a project eligible for financial assistance under this section7 if the guarantee or purchase would improve credit market access or reduce the interest rate applicable to the obligation2 7#d7 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 state2 or 7#e7 to earn interest on the amounts deposited into the working waterfronts preservation loan fund of the eligible coastal state4 7g7 ,administration of working waterfronts preservation loan funds 7#a7 ,combined financial administration ,notwithstanding subsection 7c71 an eligible coastal state may combine the financial administration of a working waterfronts preservation loan fund of the eligible coastal state with the financial administration of any other revolving fund established by the eligible coastal state if the ,secretary determines that the capitalization grants made under this section1 together with loan repayments and interest1 will be separately accounted for and used solely for the purposes specified in subsection 7a74 7#b7 ,cost of administering working waterfronts preservation loan fund 7,a7 ,in general ,for each fiscal year1 an eligible coastal state may use the amount described in subparagraph 7,b7-- 7i7 to cover the reasonable costs of administration of the programs under this section1 including the recovery of reasonable costs expended to establish a working waterfronts preservation loan fund that are incurred after the date of the enactment of this section2 and 7ii7 to provide technical assistance to working waterfronts projects carried out within the eligible coastal state4 7,b7 ,description of amount ,the amount referred to in subparagraph 7,a7 is an amount equal to the sum of-- 7i7 the amount of any fees collected by the eligible coastal state for use in accordance with subparagraph 7,a77i71 regardless of the source2 and 7ii7 the greater of-- 7,i7 #djj1jjj2 7,,ii7 #j4b percent of the current valuation of the working waterfronts preservation loan fund of the eligible coastal state2 or 7,,iii7 an amount equal to #d percent of all grant awards made to the working waterfronts preservation loan fund of the eligible coastal state under this section for the fiscal year4 7h7 ,authorization of appropriations ,there is authorized to be appropriated to the ,secretary to carry out this section #ej1jjj1jjj for each of fiscal years #bjbe through #bjbi4 7i7 ,definitions ,in this section3 7#a7 ,approved working waterfronts plan ,the term approved working waterfronts plan has the meaning given the term in section #cjf;,b4 7#b7 ,covered entity ,the term covered entity means-- 7,a7 a ,state agency2 7,b7 an ,indian ,tribe2 7,c7 a ,native ,hawaiian organization2 7,d7 a local government2 or 7,e7 a nonprofit organization4 7#c7 ,disadvantaged community ,the term disadvantaged community has the meaning given the term in section #cjf;,b4 7#d7 ,eligible coastal state ,the term eligible coastal state means a coastal state that has an approved working waterfronts plan4 7#e7 ,working waterfront ,the term working waterfront has the meaning given the term in section #cjf;,b4 7#f7 ,working waterfronts preservation loan fund ,the term working waterfronts preservation loan fund means a revolving loan fund established under this section for the preservation of working waterfronts4 4