Biden-Harris administration launches revolving loan fund program for resilience funded by bipartisan Infrastructure Act

Safeguarding Tomorrow Revolving Loan Fund will reduce disaster suffering and vulnerability to natural hazards

WASHINGTON — FEMA is launching a notice of intent for a new program to fund resilience projects that will make communities safer from natural hazards. The Safeguarding Tomorrow Revolving Loan Fund program will make $50 million available to states in capital grants to fund low-interest loans to local governments.

The program is funded by President Biden’s bipartisan Infrastructure Act, which invests $500 million in the program over five years.

The program will enable jurisdictions to reduce vulnerability to natural hazards, foster greater community resilience to climate change, and reduce disaster-related suffering. In particular, the new program will help homeowners, businesses, nonprofits and communities fund risk mitigation projects that reduce disaster risk. Loans will also be available to help local governments meet nonfederal cost-sharing requirements under FEMA’s risk mitigation assistance programs, update adoption and enforcement of building codes and to make zoning and land use changes.

“As the impacts of climate change lead to an increase in extreme weather, one of our key roles at DHS is to ensure that communities are prepared, able to respond, equipped and resourced to recover from a natural disaster,” DHS Secretary Alejandro N. Mayorkas said. . “These capital grants through the new infrastructure investment legislation that President Biden signed into law helps ensure that we are proactively investing in community resilience.”

“Supporting local communities in their fight against climate change requires a multi-pronged approach,” said FEMA Administrator Deanne Criswell. “FEMA’s revolving loans join a suite of other risk mitigation grant programs and are a unique tool our partners can use in their quest to build climate resilience.”

“Increasing our nation’s resilience to climate change and associated natural hazards is a shared responsibility – FEMA cannot do it alone,” said Deputy Administrator Erik Hooks. “Fortunately, the Safeguarding Tomorrow Revolving Loan Program provides us with the opportunity to work collaboratively with different levels of government to help ensure that all communities are climate-resilient.”

FEMA expects to post the program’s funding opportunity by the end of 2022 and accept applications through the spring of 2023. The initial funding will focus on both improving public understanding of the program and on working with participating communities to learn how to improve the program in future iterations.

Since taking office, President Biden has provided additional funding to FEMA’s annual Resilience Grant programs – Building Resilient Infrastructure and Communities and Flood Mitigation Assistance – more than doubling funding for FEMA’s annual Resilience Grant programs. year to about $3 billion for FY22 grant applications. Both programs also include significant bipartisan infrastructure law funding.

“Natural disasters in Michigan and across the country continue to destroy homes, forcing small businesses to close, and causing millions of dollars in damage. That’s why I created this program to help states establish low-cost revolving loan funds that will allow local communities to invest in projects such as levees and storm sewers that mitigate damage from extreme weather events,” said U.S. Senator Gary Peters, Chairman of the Homeland Security and Governmental Affairs Committee and author of the STORM Act.”This announcement is an important step in ensuring that communities can begin to access these critical funds. As Chairman of the Homeland Security and Governmental Affairs Committee governments, I will continue my efforts to ensure that this program is implemented as soon as possible so that we can Let’s improve our nation’s resilience.

FEMA’s risk mitigation assistance helps communities increase their resilience to extreme heat waves, drought, wildfires, floods and hurricanes by funding transformational projects that reduce disaster risk. multiple hazards, support adaptation to future conditions, and mitigate the impact of all disasters on our nation’s most underserved residents. and disadvantaged communities.

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