The Secretary shall give priority to a project for flood risk management if—

((1)) there is an executed project partnership agreement for the project; and

((2)) the project is located in an area—

((A)) with respect to which—

((i)) there has been a loss of life due to flood events; and

((ii)) the President has declared that a major disaster or emergency exists under ; or

((B)) that is at significant risk for catastrophic flooding.