; (ii) include a vulnerability assessment, hazards resilience plan, or identification of waterfront properties exposed to sea level rise or inundation; and (iii) be part of a management program approved under section 306. (2) Duration of approval (A) In general A working waterfronts plan approved by the Secretary under this subsection shall be effective during the 5-year period beginning on the date of such approval. (B) 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 5-year period described in subparagraph (A). (c) Working Waterfronts Grant Program (1) In general The Secretary shall, in consultation with covered entities, Federal agencies the Secretary determines appropriate, and interested coastal stakeholders with expertise in working waterfronts planning, establish a regionally equitable and competitive grant program, to be known as the Working Waterfronts Grant Program . (2) Uses The Secretary may award grants under this subsection to eligible covered entities— (A) to implement or revise an approved working waterfronts plan of such eligible covered entity, including— (i) acquiring a working waterfront or an interest in a working waterfront; (ii) making improvements to a working waterfront, including constructing or repairing wharfs, boat ramps, or related facilities; or (iii) carrying out necessary climate adaptation mitigation activities for a working waterfront; or (B) to develop a working waterfronts plan of such eligible covered entity under subsection (b). (3) Application (A) In general To be eligible for a grant under this subsection, an eligible covered entity shall submit an application to the Secretary— (i) that, if applicable, is consistent with the management program of the eligible covered entity approved under section 306