The Federal Emergency Management Agency (FEMA) will begin accepting applications for the Safeguarding Tomorrow Revolving Loan Fund (RLF) on Feb. 1, 2023.
The RILF seeks to foster greater community resilience while reducing disaster vulnerability and suffering, noting the Bipartisan Infrastructure Law invests $500 million in the Safeguarding Tomorrow RLF program over five years.
“FEMA remains committed to finding innovative approaches to help communities build resilience in the face of intensifying weather events driven by climate change,” FEMA Administrator Deanne Criswell said. “The low-interest loans provided by the STORM program will help eligible states and tribes, as well as Puerto Rico and the District of Columbia, finance disaster mitigation projects that will enhance their climate resiliency before disaster strikes.”
The Safeguarding Tomorrow Revolving Loan Fund serves as a complement to FEMA’s Hazard Mitigation Assistance grant portfolio. Loans may be used to help local governments satisfy the non-federal cost-share requirements of the grant programs, for which they are required to provide a cost-share of up to 25 percent.
Initial funding will focus on increasing public understanding of the Safeguarding Tomorrow Revolving Loan Fund program and collaborating with participating communities to learn how to enhance the program in future iterations.