§2223 Transfer of excess credit

Summary

The Secretary may let a non-Federal partner use extra in-kind contributions from one water study or project to count toward the required non-Federal share for a different study or project. The partner can ask to use that extra credit before the first project is finished if the Secretary verifies the amount. If a project has more than one non-Federal partner, each partner must agree in writing before credit is moved. The rules in 42 U.S.C. 1962d–5b apply. To get approval for excess credit, the partner must give the Secretary a comprehensive plan naming the projects where it will provide extra in-kind work and the projects that would receive the credit, the Secretary must approve the plan, and the total credit cannot be more than the total non-Federal shares in the approved plan. The Secretary may allow credit before all recipient projects are named if the partner later files an approved amendment naming them before signing project agreements. When deciding whether to allow transfer of credit, the Secretary must consider if it will speed up projects, lower Federal costs, or help projects that give big flood-risk reduction or environmental benefits. The authority to transfer credit ends on December 31, 2030. The Secretary must report to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House, and make the reports public: the first report no later than 2 years after June 10, 2014, then every 2 years after that, and a final report by December 31, 2030. Reports must describe how the authority was used and assess effects on project timing and on other water projects.