; grants The Coastal Zone Management Act of 1972 ( 16 U.S.C. 1451 et seq.) is further amended by adding at the end the following: 321. Working Waterfronts Preservation Loan Fund (a) Fund 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 ). (b) Use (1) 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 320(d) through preservation, improvement, restoration, rehabilitation, acquisition of working waterfront properties under criteria established by the Secretary. (2) Upon enactment of this Act, the Secretary of Commerce shall conduct a feasibility study on the administration of the development and management of a Working Waterfronts Preservation Loan Fund. (3) 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. (c) Award criteria The Secretary shall award loans under this section through a regionally equitable, competitive funding process, and in accordance with the following: (1) 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. (2) 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