FEMA has announced the creation of the Safeguarding Tomorrow Revolving Loan Fund (RLF), which aims to provide funding to local jurisdictions to reduce vulnerability to hazards and foster greater community resilience.

These loans can be used for projects that reduce disaster risks for businesses, non-profit organizations, and communities; update building codes; make zoning and land use changes; and cover a government’s non-federal cost-share match for FEMA Hazard Mitigation Assistance programs. Each community loan can go up to $50 million, with $500 million appropriated to fund the program. Under the Infrastructure Investment and Jobs Act of 2021 signed by President Biden in November 2021, Congress appropriated $500 million for the opportunity, or $100 million per year, through fiscal year 2026. FEMA expects to publish the Safeguarding Tomorrow RLF funding opportunity before the end of the calendar year and receive applications through spring 2023. It will hold a series of listening sessions with emergency management agencies and state governments to gauge interest in this opportunity, identify challenges or barriers to implementing and managing a revolving loan fund and learn successes from states that currently have revolving loan funds. Read more at FEMA.