New FEMA Resilience Loan Grants Available for Communities
How Much Is Available?
FEMA is making funds available to communities in a new grant program called ‘Safeguarding Tomorrow Revolving Loan Fund (RLF)’ or ‘STORM RLF Program’. The program is initially making $50 million available, then up to $100 million each year, through to 2026, in low interest loans. The loans are intended to be used for hazard mitigation assistance, reducing vulnerability to hazards, fostering greater community resilience, and reducing disaster suffering.
Funds can be used for a wide range of hazard mitigation projects that reduce disaster risks for communities, even including updating building codes, adoption and enforcement, and making zoning and land use changes. Creating conservation areas, and the reconnection of floodplain and open space projects, will also be covered as allowable projects.
A key feature of the program will allow recipients to use money from the grant program as the local cost-sharing component for other FEMA Hazard Mitigation Assistance programs. This allows the money available in this program to be leveraged to access additional funds, which would not have otherwise been available.
Who Can Apply?
Local governments are eligible to apply if they already have an approved hazard mitigation plan. Applications will not be made to FEMA, as in this instance FEMA will provide the grant funding to states and tribal governments. These entities are to develop an Intended Use Plan to access the funds, then they will make funding decisions and award loans directly to local governments. As loans are paid back into the fund, further loan grants will be made available, which is why it is labeled a revolving loan fund.
FEMA expects to publish the Safeguarding Tomorrow RLF funding opportunity before the end of the calendar year and receive applications through spring 2023.
If you have further queries about the program or other hazard mitigation programs from FEMA available to local governments, please contact Walden at 516-701-1681 to speak to one of our knowledgeable staff who can assist. To read more about Walden’s grant writing experience and see how our team can help you secure funding, visit our grant writing webpage.