Changes the composition of the public works board.

Requires the public works board to: (1) Establish policies and procedures designed to manage the public works assistance account in such a way as to ensure sustainability of the account; and

(2) Implement policies and procedures designed to maximize local government use of federal funds to finance local infrastructure projects.

Requires preconstruction and construction loans that fund projects involving repair, replacement, or improvement of a wastewater treatment plant or other public works facility for which an investment grade efficiency audit is obtainable, to include a condition that the loan recipient undertake an investment grade efficiency audit.

Addresses low interest and interest-free loans and numerically ranking public works projects.