Fiscal Year 2024 Safeguarding Tomorrow through Ongoing Risk Mitigation Revolving Loan Fund Program

The Safeguarding Tomorrow through Ongoing Risk Mitigation Revolving Loan Fund Program, overseen by FEMA, will be available for Fiscal Year 2024. This program is aimed towards financing projects to mitigate risks from a variety of natural hazards and disasters such as drought, intense heat, severe storms, wildfires, floods, earthquakes, among others.

This funding is made available via capitalization grants provided to eligible entities, stipulated in Section C.1, to set up revolving loan funds or entity loan funds. These funds are then used to offer direct loans to local governments for projects that build resistance against the aforementioned hazards. Potential activities could involve construction or alteration of infrastructure to enhance resilience and reduce potential harm.

Entities who receive these loans will handle them both financially and programmatically. FEMA will supervise the handling of these loan funds during their active period, as well as after the closeout of the capitalization grant. This will involve regular biennial audits and post-closeout reports.

These funds stem from the Infrastructure Investment and Jobs Act, also referred to as the Bipartisan Infrastructure Law (BIL). The funding allocated to the Safeguarding Tomorrow Program is limited and it is FEMA's responsibility to award it over a period of five years through various Notices of Funding Opportunity.

The program fits within the FEMA's objective of enhancing resilience and adaptation to current risks, including climate change, as outlined in the 2020-2024 DHS Strategic Plan under Goal 5: Strengthen Preparedness and Resilience.

The aim of the program is primarily to incentivize investments that increase pre-disaster mitigation and reduce risks to infrastructure. It is particularly beneficial for members of underserved communities who face higher risks due to prevalent hazards such as climate change.

In addition to FEMA's Hazard Mitigation Assistance (HMA) grant portfolio, this program supplements local government's support for mitigation projects by providing an alternate source of funding. This helps meet specific funding needs outlined in the entities' Intended Use Plan.

This could include a range of needs such as matching non-Federal funds for other grants, upfront project design costs, smaller projects that might not qualify for other HMA grant programs or projects that don't meet cost-effectiveness requirements for other schemes.