PHILADELPHIA— Today, FEMA is announcing that Maryland, Virginia, and the District of Columbia will receive a combined $18.7 million in capitalization grants to help communities reduce vulnerability to natural hazards. This is a part of the $50 million announced for states across the country.
The Safeguarding Tomorrow Revolving Loan Fund Program offers funds to states, territories, tribes and the District of Columbia to administer revolving loan funds and provide direct loans to local governments for climate resilient projects.
Local governments may use funding to make structures more resilient to natural hazards, flood control, zoning and land use planning changes and building code enforcement. They may also apply it to meet the non-federal cost-share requirement for FEMA hazard mitigation assistance grants, lessening their financial burden to implement climate resilience activities. As these loans are paid back to the states, the funding can be used to finance additional mitigation projects, providing a sustainable local source of financing for protecting communities.
The three recipients in FEMA Region 3 will receive the following funding:
- District of Columbia: $6.1 million
- Maryland: $6.5 million
- Virginia: $6.1 mill
“We are excited to see that Maryland, Virginia and the District of Columbia were chosen to receive this funding,” said FEMA Region 3 Regional Administrator MaryAnn Tierney. “We’re looking forward to working with our state and District partners as they establish these new revolving loan programs and help make mitigation funding more accessible for all communities.
The Safeguarding Tomorrow Revolving Loan Fund Program complements the agency’s hazard mitigation grant portfolio to support mitigation projects at the local government level and increase the nation’s resilience to natural hazards and climate change.
FEMA encourages applicants to develop revolving loan funds that support low-income geographic areas and underserved communities. Entities selected for awards should use funding based on their unique needs and priorities to become more resilient to natural hazards.
These investments were made possible by the Bipartisan Infrastructure Law. The law provides $500 million to fund the program through 2026.
Other states that were selected in the first round of applications include:
- Louisiana $6.9 million
- Michigan $5.1 million
- New Jersey: $6.4 million
- New York: $6.2 million
- South Carolina: $6.4 million
FEMA will offer technical assistance through webinars, office hours, website updates and program support materials to help existing and future participants participate and make use of this innovative program.
This first year of the program will inform future funding opportunities and ensure long-term viability and success of the program at all levels. The agency anticipates releasing the next funding opportunity later this fall.
