Conservation loan and loan guarantee program

(a)

Definitions

In this section: (1)

Eligible public entity

The term eligible public entity means a political subdivision of a State, including— (A)a duly established town, township, or county; (B)an entity established for the purpose of regional governance; (C)a special purpose entity; and (D)a joint powers authority, or other entity certified by the Governor of a State, to have authority to implement a habitat conservation plan pursuant to section 10(a) of the Endangered Species Act of 1973 (16 U.S.C. 1539(a)). (2)

Program

The term program means the conservation loan and loan guarantee program established by the Secretary under subsection (b)(1). (3)

Secretary

The term Secretary means the Secretary of the Treasury. (b)

Loan and loan guarantee program

(1)

Establishment

As soon as practicable after the date of enactment of this Act, the Secretary shall establish a program to provide loans and loan guarantees to eligible public entities to enable eligible public entities to acquire interests in real property that are acquired pursuant to habitat conservation plans approved by the Secretary of the Interior under section 10 of the Endangered Species Act of 1973 (16 U.S.C. 1539). (2)

Application; approval process

(A)

Application

(i)

In general

To be eligible to receive a loan or loan guarantee under the program, an eligible public entity shall submit to the Secretary an application at such time, in such form and manner, and including such information as the Secretary may require. (ii)

Solicitation of applications

Not less frequently than once per calendar year, the Secretary shall solicit from eligible public entities applications for loans and loan guarantees in accordance with this section. (B)

Approval process

(i)

Submission of applications to Secretary of the Interior

As soon as practicable after the date on which the Secretary receives an application under subparagraph (A), the Secretary shall submit the application to the Secretary of the Interior for review. (ii)

Review by Secretary of the Interior

(I)

Review

As soon as practicable after the date of receipt of an application by the Secretary under clause (i), the Secretary of the Interior shall conduct a review of the application to determine whether— (aa)the eligible public entity is implementing a habitat conservation plan that has been approved by the Secretary of the Interior under section 10 of the Endangered Species Act of 1973 (16 U.S.C. 1539); (bb)the habitat acquisition program of the eligible public entity would very likely be completed; and (cc)the eligible public entity has adopted a complementary plan for sustainable infrastructure development that provides for the mitigation of environmental impacts. (II)

Report to Secretary

Not later than 60 days after the date on which the Secretary of the Interior receives an application under subclause (I), the Secretary of the Interior shall submit to the Secretary a report that contains— (aa)an assessment of each factor described in subclause (I); and (bb)a recommendation regarding the approval or disapproval of a loan or loan guarantee to the eligible public entity that is the subject of the application. (III)

Consultation with Secretary of Commerce

To the extent that the Secretary of the Interior considers to be appropriate to carry out this clause, the Secretary of the Interior may consult with the Secretary of Commerce. (iii)

Approval by Secretary

(I)

In general

Not later than 120 days after receipt of an application under subparagraph (A), the Secretary shall approve or disapprove the application. (II)

Factors

In approving or disapproving an application of an eligible public entity under subclause (I), the Secretary may consider— (aa)whether the financial plan of the eligible public entity for habitat acquisition is sound and sustainable; (bb)whether the eligible public entity has the ability to repay a loan or meet the terms of a loan guarantee under the program; (cc)any factor that the Secretary determines to be appropriate; and (dd)the recommendation of the Secretary of the Interior. (III)

Preference

In approving or disapproving applications of eligible public entities under subclause (I), the Secretary shall give preference to eligible public entities located in biologically rich regions in which rapid growth and development threaten successful implementation of approved habitat conservation plans, as determined by the Secretary in cooperation with the Secretary of the Interior. (C)

Administration of loans and loan guarantees

(i)

Report to Secretary of the interior

Not later than 60 days after the date on which the Secretary approves or disapproves an application under subparagraph (B)(iii), the Secretary shall submit to the Secretary of the Interior a report that contains the decision of the Secretary to approve or disapprove the application. (ii)

Duty of Secretary

As soon as practicable after the date on which the Secretary approves an application under subparagraph (B)(iii), the Secretary shall— (I)establish the loan or loan guarantee with respect to the eligible public entity that is the subject of the application (including such terms and conditions as the Secretary may prescribe); and (II)carry out the administration of the loan or loan guarantee. (c)

Termination of authority

The authority under this section shall terminate on the date that is 10 years after the date of enactment of this Act.