Hazard Mitigation Revolving Loan Funds/Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act (Robert T Stafford Act, Sec 205)

Agency NameDepartment of Homeland Security
Funding Amount$500,000,000.00
Bureau Name Federal Emergency Management Agency
Funding Mechanism Grants
New? Yes
Funding Mechanism Grants

Funding Amount Notes

Period of Availability Available for the next 5 fiscal years in tranches of $100 million per fiscal year
Recipients A State (includes Puerto Rico and District of Columbia) or a Tribal Government that has received a major disaster declaration during the 5-year period ending on the date of enactment of the STORM Act.
Program Description Capitalization grants to State and eligible Tribal governments for the establishment of revolving loan funds to provide hazard mitigation assistance to local governments.
Eligible Uses TBD
Statutory Location Division J, Title V
Federal Cost Share Requirement 90 percent Federal/10 percent Non-Federal; however, if a participating entity provides less than the 10 percent non-Federal share, the grant will be reduced to 10 times the non-Federal share provided by the participating entity