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1 1 (August 15, 2023)

handle is hein.crs/govemny0001 and id is 1 raw text is: Congressional ____ S.Research Service Mitigation Funding from the Safeguarding Tomorrow Revolving Loan Fund August 15, 2023 In 2023, the Federal Emergency Management Agency (FEMA) began offering a new form of Hazard Mitigation Assistance (HMA) through a new program known as the Safeguarding Tomorrow Revolving Loan Fund Program (STRLF). The STRLF program was established by the STORM Act, which amended the Stafford Act to authorize FEMA to provide capitalization grants to eligible entities to establish revolving loan funds (RLFs). These RLFs are to provide low-interest loans to local governments to mitigate the impacts of natural hazards such as drought, prolonged periods of intense heat, severe storms, wildfires, floods, erosion, earthquakes, and other natural hazards. STRLF funds may also be used for building code adoption and enforcement, and zoning and land use planning changes. STRLF loans complement FEMA's other HMA grant programs. An RLF is a self-replenishing financial mechanism that starts with a base level of capital, often consisting of grants from the federal government or a state, or private investment. Generally, RLFs can target specific types of borrowers or specific types of activities. Loan repayments recapitalize the original fund and enable the RLF to make additional loans. This may create an ongoing source of funding and potentially reduce the need for annual appropriations. RLFs for states have been operating for many years through the Clean Water State Revolving Fund (CWSRF, established in 1987), and the Drinking Water State Revolving Fund (DWSRF, established in 1996). The STRLF represents the first time that an RLF has been set up to fund hazard mitigation. Eligibility and Requirements Entities eligible for the STRLF include (1) states, (2) territories, (3) the District of Columbia, and (4) federally recognized tribes that have received a major disaster declaration pursuant to Section 401 of the Stafford Act. Tribes are the only entities for which receipt of a major disaster declaration is an eligibility requirement. FEMA has determined that 20 tribal nations currently have a qualifying major disaster declaration. Eligible entities must also have a FEMA-approved Hazard Mitigation Plan and an STRLF Intended Use Plan, which must be provided to the public for review and comment before application. FEMA does not Congressional Research Service https://crsreports.congress.gov IN12224 CRS INSIGHT Prepared for Members and Committees of Congress

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