National Association of Counties
On August 29, the Federal Emergency Management Agency (FEMA) announced that it will be releasing a Notice of Funding Opportunity (NOFO) for the Safeguarding Tomorrow Revolving Loan Fund program before the end of the 2022. The revolving loan fund was authorized under the Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act which was signed into law in January 2021. The Bipartisan Infrastructure Law (BIL) provided $100 million annually for the program for the next five years. These funds provide hazard mitigation assistance for local governments to reduce risks from natural hazards and disasters.
Additionally, $50 million will be made available in capitalization grants for low-interest loans to local governments to reduce vulnerability to hazards and increase community resilience.
FEMA plans to hold a series of listening sessions to gauge interest in the opportunity and barriers to implementing this program. NACo will update this blog once the dates and times of the listening sessions are published.
NACo is also working on a webinar that will focus on the program and how counties can work with our partners in the state legislatures to develop these revolving loan funds. Examples of legislation passed in Louisiana and Maryland can be found below, along with a broader example of how to craft the legislation.
With American Rescue Plan funds, counties are strengthening America’s workforce, addressing the nation’s behavioral health crisis, expanding broadband access, improving housing affordability and building prosperous communities for the next generation.
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