Fiscal Year 23 Safeguarding Tomorrow through Ongoing Risk Mitigation Revolving Loan Fund Program

The STORM Act is an amendment to the Robert T. Stafford Disaster Relief and Emergency Assistance Act to allow the Administrator of the Federal Emergency Management Agency to provide capitalization grants to States or Indian tribal governments to establish revolving loan funds to provide hazard mitigation assistance to local governments to reduce risks from disasters and natural hazards, and other related environmental harm. PUBL284.PS. The Administrator may enter into agreements with eligible entities to make capitalization grants to such entities for the establishment of hazard mitigation revolving loan funds (referred to in this section as \'entity loan funds\') for providing funding assistance to local governments to carry out eligible projects under this section to reduce disaster risks for homeowners, businesses, nonprofit organizations, and communities in order to decrease -- (A) the loss of life and property. ``(B) the cost of insurance; and ``(C) Federal disaster payments. Entity loan funds shall -- ``(A) be administered by the agency responsible for emergency management; and ``(B) include only -- ``(i) funds provided by a capitalization grant under this section. ``(ii) repayments of loans under this section to the entity loan fund; and ``(iii) interest earned on amounts in the entity loan fund.