This bill updates the Watershed Protection and Flood Prevention Act to modernize federal funding and support for water and land conservation projects. It expands the types of projects eligible for federal assistance to include multibenefit works that address multiple environmental goals like flood prevention, water conservation, fish habitat improvement, and water quality, rather than single-purpose projects. The bill affects state and local governments, tribes, irrigation districts, nonprofits, and private landowners who participate in these watershed projects, while the U.S. Department of Agriculture administers the program. Key changes include requiring at least 50 percent of annual funding to go toward multibenefit projects, streamlining the approval process to 45 days for applications, increasing the maximum loan amount from $5 million to $10 million, and allowing the federal government to cover up to 75 percent of costs for projects focused primarily on habitat or water quality improvement. The legislation does not specify new appropriations but restructures how existing funds are allocated and used for watershed protection nationwide.
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