Recently FEMA released the Notice of Funding Opportunity for the Safeguarding Tomorrow through Ongoing Risk Mitigation Revolving Loan Fund (RLF), a new program to help local governments increase their preparedness to natural disasters.

The Safeguarding Tomorrow RLF program complements and strengthens FEMA’s Hazard Mitigation Assistance grant portfolio through which multiple grant programs support projects at the local government level to increase the nation’s resilience to natural disasters and climate change. Loans may be used to help local governments satisfy the non-federal cost share requirements of these grant programs, for which they are required to provide a cost-share of up to 25 percent. The new program was made possible by the Bipartisan Infrastructure Law passed late last year; it invests $500 million in the Safeguarding Tomorrow RLF program over five years. For the first year of the program, FEMA will make $50 million available in capitalization grants to eligible states, as well as Puerto Rico and the District of Columbia, to fund low-interest loans. The application period will be open from February 1 to April 28, 2023. Read more at FEMA and Homeland Security Today.