Waterways Restoration Act of 1994

Waterways Restoration Act of 1994 - Amends the Watershed Protection and Flood Prevention Act to delete the requirement that each watershed improvement under such Act must contain benefits directly related to agriculture that account for at least 20 percent of the total project benefits. Directs the Secretary of Agriculture to establish and implement a Waterways Restoration Program which provides technical assistance and grants, on a competitive basis, to eligible entities for carrying out waterway restoration projects. Requires such projects to achieve ecological restoration or protection and one or more of the following objectives: (1) flood damage reduction; (2) erosion control; (3) stormwater management; or (4) water quality enhancement. Provides project descriptions and priorities, including the location of projects in low-income or economically depressed areas adversely impacted by poor watershed management. Outlines other project requirements, including a cost-benefit analysis. Requires the Secretary to designate Program administrators for each participating State (including a State agency if approved by the Secretary). Requires program grants to be awarded on an annual basis. Provides project application and selection requirements, including the establishment in each participating State of an interdisciplinary team of specialists to assist in reviewing project applications under the Program. Outlines conditions for receiving assistance under the Program, with sponsor and cosponsor requirements. Requires a non-Federal share of 25 percent of project costs, with a waiver for economically depressed communities. Limits the administrative and technical assistance costs of the Program. Requires the governor of each participating State to establish a citizens oversight committee to evaluate management of the Program in that State. Requires program administrators to issue annual reports summarizing the Program evaluations of the oversight committees. Provides funding.