An Act establishing a revolving fund to supplement the funding of waterway projects and coastal protection initiatives

This bill creates a new revolving fund called the Coastal Protection and Harbor Maintenance Revolving Fund to help Massachusetts local governments finance waterway and coastal protection projects. The Department of Environmental Management will administer the fund by offering zero or low-interest loans to municipalities for approved projects, such as building sea walls or improving harbor access, covering up to 50 percent of the project costs. Local governments must have incurred debt after January 1, 2021, to qualify for this financial assistance, which is intended to supplement rather than replace other available funding. The state treasurer will manage the fund based on annual appropriations, and the department must report yearly on how much assistance is provided and how many requests remain unfunded due to a lack of money.