If you are involved in hazard mitigation planning, you’re undoubtedly familiar with the various funding sources available to you and your community through FEMA’s Hazard Mitigation Assistance (HMA) grants. These include the Hazard Mitigation Grant Program (HMGP), Flood Mitigation Assistance (FMA), Building Resilient Infrastructure and Communities (BRIC), HMGP Post-Fire Assistance, and Pre-Disaster Mitigation (PDM). 

But did you know that another source of federal funding is now available? It’s known as FEMA’s Safeguarding Tomorrow Revolving Loan Fund. And there is $50 million available. 

The loan fund was established after the Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act became law on January 1, 2021. The act authorizes FEMA to provide capitalization grants to states, eligible federally recognized tribes, Puerto Rico, and the District of Columbia to establish revolving loan funds that provide hazard mitigation assistance for local governments to reduce risks from natural hazards and disasters. It also amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act.  

“The Safeguarding Tomorrow Revolving Loan Fund complements and supplements FEMA’s Hazard Mitigation Assistance grant portfolio,” a recent FEMA newsletter explains. “The portfolio has multiple grant programs that support projects at the local government level to increase the nation’s resilience to natural hazards and climate change.”  

Low-interest loans will be available to help local governments satisfy non-federal cost share requirements under FEMA’s Hazard Mitigation Assistance programs, update building codes adoption and enforcement, and make zoning and land use changes. Such efforts can go a long way toward reducing or eliminating long-term risk to people and property from future disasters.  

So, mark your calendars! FEMA will begin accepting applications for the Safeguarding Tomorrow Revolving Loan Fund on Wednesday, February 1, 2023, and will continue to do so through 3 p.m. ET on April 28, 2023. 

The Safeguarding Tomorrow Revolving Loan Fund funding notice is available at Grants.gov. Eligible entities must apply for funding using the Non-Disaster Grants Management System. 

This information is shared with you courtesy of BOLDplanning, a division of Agility