FEMA Administrator Deanne Criswell has announced the third round of Swift Current funding, releasing $300 million through the recent Bipartisan Infrastructure Law. This initiative is aimed at helping National Flood Insurance Program (NFIP) policyholders across the United States enhance their resilience to flooding. The total funding for the Flood Mitigation Assistance program’s Swift Current opportunity now stands at $660 million, bolstered by the Bipartisan Infrastructure Law.
President Biden has secured over $50 billion for climate resilience and adaptation through the Bipartisan Infrastructure Law and the Inflation Reduction Act. These funds are part of a broader National Climate Resilience Framework, which promotes locally tailored, community-driven climate resilience strategies. FEMA’s Swift Current initiative, though only two years old, has already had a significant impact on flood-affected communities nationwide.
“Thanks to President Biden’s Bipartisan Infrastructure Law, we’re able to offer another $300 million to improve resilience in recently flooded communities,” said Administrator Criswell. She encouraged states, tribes, territories, and localities to take flood threats seriously and to consider utilizing Swift Current funding to better prepare for future flooding events.
Swift Current’s Objective
Swift Current aims to expedite the allocation of Flood Mitigation Assistance funding to states, territories, the District of Columbia, and federally recognized tribal governments. This program seeks to break the cycle of damage and repair by addressing repetitively or substantially flood-damaged properties. Unlike the annual Flood Mitigation Assistance grant cycle, Swift Current provides resiliency funds following a major disaster declaration due to a flood-related event, with the goal of reducing future flood risks.
Eligible projects for this funding include property acquisition and demolition, elevation, and relocation. To qualify, buildings must be insured through the NFIP and have a history of repetitive or substantial flood damage. The Bipartisan Infrastructure Law allocates $3.5 billion for Flood Mitigation Assistance grants over five years, extending through fiscal year 2026. This funding is designed to help communities mitigate flood damage and comply with local requirements.
Swift Current also advances the President’s Justice40 Initiative, which aims to ensure that 40% of the overall benefits of certain federal investments reach disadvantaged communities. These communities often face significant challenges and are overburdened by pollution.
Application and Eligibility
The first Swift Current announcement in 2022 made $60 million available to Louisiana, Mississippi, New Jersey, and Pennsylvania after Hurricane Ida. In 2023, FEMA expanded the program, making $300 million available to 19 states and one Tribal Nation.
The current round of funding follows similar criteria to the 2023 opportunity, increasing the likelihood of eligibility. States, territories, the District of Columbia, and federally recognized tribal governments are eligible if they meet two criteria:
- They receive a major disaster declaration for a flood-related event between June 1, 2024, and May 31, 2025.
- They meet one of the following conditions:
- At least $1 million in NFIP flood insurance claims were paid in the 12 months prior to the disaster declaration date.
- 500 or more NFIP flood insurance claims submitted in the declared flood-related event.
- The applicant is a U.S. territory or a federally recognized tribal government applying directly to FEMA.
FEMA will give special consideration to states, territories, and federally recognized tribal governments that receive a major disaster declaration for a flood-related event within the specified period but do not meet the additional conditions listed above. For detailed information and requirements, applicants should refer to the Notice of Funding Opportunity (NOFO).
The application window opens on June 1, 2024, and the last eligible disaster declaration date is May 31, 2025. The funding opportunity is available on Grants.gov, and all applications must be submitted through FEMA Grants Outcomes (FEMA GO). Applications will be reviewed on a rolling basis, and late submissions will not be considered.
For more information, interested NFIP policyholders should contact their state or territory hazard mitigation officer.
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