For Immediate Release – March 10, 2023
“Safeguarding Tomorrow” Low-Interest Loans Available to Illinois Communities
Springfield – The Federal Emergency Management Agency (FEMA) has announced the formation of the new Safeguarding Tomorrow Revolving Loan Fund (RLF) Program to help with hazardous mitigation projects at the local level. While funding for this program has not yet been authorized for Illinois, the Illinois Emergency Management Agency (IEMA) needs to document program interest among our communities in order to be considered for the grant.
IEMA is encouraging communities to express interest by completing the online project information on the agency’s website at https://iema.illinois.gov/recovery/rlf-announcement.html. The deadline for local submissions of interest is April 10, 2023. This starts the process for Illinois to request a capitalization grant from FEMA.
“We know many communities across the state need financing for projects that reduce disaster risks from storms, wildfires, flooding, earthquakes, shoreline erosion, land use planning changes, and other uses,” said IEMA Director Alicia Tate-Nadeau. “This program can dramatically assist local governments in tackling projects that protect citizens, homes, businesses, schools, and more.”
The maximum grant amount that IEMA can receive is $5.1 million. Based on interest received, IEMA will identify local hazard mitigation projects and activities to generate a list of projects to be awarded under the RLF Program in the form of low interest loans. The interest rate would be no more than 1 percent, and re-payment wouldn’t start until one year after project completion. Communities will have up to 20 years to pay the loan off, or up to 30 years if the projects are in a low-income geographic area.
To learn more about IEMA grant opportunities, go to https://www.fema.gov/grants/preparedness/nonprofit-security
Illinois Emergency Management Agency (IEMA): www.Ready.Illinois.gov
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