Opportunity Information: Apply for DHS 23 STORM 139 00 01
The Fiscal Year 23 Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Revolving Loan Fund Program is a FEMA grant opportunity under the Department of Homeland Security that helps states and federally recognized tribal governments set up hazard mitigation revolving loan funds. The program is authorized by the STORM Act, which amended the Robert T. Stafford Disaster Relief and Emergency Assistance Act to give FEMA the ability to provide capitalization grants for this purpose. In practical terms, FEMA is offering upfront funding so an eligible state or tribal government can create a dedicated loan fund and then use that fund to provide financing assistance to local governments for projects that reduce disaster and natural hazard risks and address related environmental harms.
The central idea is that instead of only relying on one-time grants after disasters, the program builds a renewable source of mitigation financing. A state or tribe receives a capitalization grant from FEMA, establishes an "entity loan fund," and then makes loans to local governments for eligible hazard mitigation work. As those loans are repaid, the repayments and any interest earned go back into the same fund, allowing the program to keep lending over time. By design, the fund is meant to grow or at least sustain itself through repayments, making it easier for communities to keep investing in risk reduction year after year.
The program is aimed at reducing disaster impacts on homeowners, businesses, nonprofit organizations, and whole communities by enabling local governments to carry out mitigation projects that lower risk. FEMA highlights three outcomes the program is meant to support: reducing loss of life and property, lowering the cost of insurance, and decreasing federal disaster payments over time. The policy logic is straightforward: stronger mitigation up front tends to mean fewer catastrophic losses, reduced claims and recovery costs, and less need for large federal outlays following disasters.
Eligibility is limited to state governments and federally recognized Native American tribal governments, along with other eligible entities as described in the full funding notice. These eligible applicants are the ones that would receive FEMA capitalization grants and operate the revolving loan funds. The entity loan fund must be administered by the agency responsible for emergency management within the eligible entity, reinforcing that it is a hazard mitigation program rather than a general-purpose lending initiative. The fund is also restricted in what it can contain: only the FEMA capitalization grant dollars, repayments of loans made under the program, and interest earned on amounts held in the fund can be included, which helps keep the money dedicated to its mitigation purpose.
This is a discretionary grant program (not a formula entitlement) with FEMA as the administering agency. The opportunity is identified as DHS 23 STORM 139 00 01 and is listed under CFDA number 97.139. For the FY23 cycle described in the source information, FEMA anticipated making about 10 awards, with an award ceiling of $5,000,000 per award. The opportunity was created on December 20, 2022, with an original application closing date of April 28, 2023.Apply for DHS 23 STORM 139 00 01
- The Department of Homeland Security, Department of Homeland Security - FEMA in the other (see text field entitled explanation of other category of funding activity for clarification) sector is offering a public funding opportunity titled "Fiscal Year 23 Safeguarding Tomorrow through Ongoing Risk Mitigation Revolving Loan Fund Program" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 97.139.
- This funding opportunity was created on Dec 20, 2022.
- Applicants must submit their applications by Apr 28, 2023. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $5,000,000.00 in funding.
- The number of recipients for this funding is limited to 10 candidate(s).
- Eligible applicants include: State governments, Native American tribal governments (Federally recognized), Others (see text field entitled Additional Information on Eligibility for clarification).
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FY23 FEMA STORM Revolving Loan Fund Program (CFDA 97.139) - FAQs
What is the FY23 Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Revolving Loan Fund Program?
It is a FEMA grant opportunity under the Department of Homeland Security for Fiscal Year 2023 that helps states and federally recognized tribal governments set up hazard mitigation revolving loan funds. FEMA provides upfront capitalization funding so the eligible state or tribe can establish a dedicated loan fund and then finance local government hazard mitigation projects through loans.
What is the purpose of the STORM Revolving Loan Fund concept?
The program is designed to create a renewable source of mitigation financing rather than relying only on one-time grants after disasters. The capitalization grant is used to start a revolving loan fund; as loans are repaid (and interest is earned), those funds return to the same pool and can be lent again over time.
Who administers this program at the federal level?
FEMA administers the program, and it is a grant opportunity under the Department of Homeland Security.
What law authorizes FEMA to provide these capitalization grants?
The program is authorized by the STORM Act, which amended the Robert T. Stafford Disaster Relief and Emergency Assistance Act to allow FEMA to provide capitalization grants for hazard mitigation revolving loan funds.
Who is eligible to apply for the FEMA capitalization grants?
Eligibility is limited to state governments and federally recognized Native American tribal governments, along with other eligible entities as described in the full funding notice. These eligible applicants are the entities that would receive the FEMA capitalization grants and operate the revolving loan funds.
Are local governments eligible to apply directly to FEMA for STORM capitalization grants?
Based on the information provided, the capitalization grants are awarded to eligible states and federally recognized tribal governments, which then use the revolving loan funds to provide financing assistance to local governments for eligible hazard mitigation projects.
How does the revolving loan fund work in practical terms?
An eligible state or tribal government receives a FEMA capitalization grant, establishes an entity loan fund, and then provides loans to local governments for eligible hazard mitigation work. Loan repayments and any interest earned go back into the same fund, allowing the fund to continue lending over time.
What kinds of activities does the program finance?
The program supports financing assistance to local governments for projects that reduce disaster and natural hazard risks and address related environmental harms, as described in the source information.
What outcomes is FEMA aiming to achieve with this program?
FEMA highlights three intended outcomes: reducing loss of life and property, lowering the cost of insurance, and decreasing federal disaster payments over time.
Why is this program focused on mitigation before disasters happen?
The policy logic described is that stronger mitigation up front tends to reduce catastrophic losses, lower claims and recovery costs, and reduce the need for large federal disaster outlays after disasters.
What is an "entity loan fund" under this program?
It is the dedicated revolving loan fund established by the eligible state or tribal government using FEMA capitalization funding, which is then used to provide loans to local governments for hazard mitigation purposes.
Which agency within a state or tribe must administer the entity loan fund?
The entity loan fund must be administered by the agency responsible for emergency management within the eligible entity, reinforcing that it is a hazard mitigation program rather than a general-purpose lending initiative.
What funds are allowed to be kept in the entity loan fund?
The fund is restricted to containing only: FEMA capitalization grant dollars, repayments of loans made under the program, and interest earned on amounts held in the fund.
Is this a discretionary grant program or a formula/entitlement program?
This is a discretionary grant program (not a formula entitlement), with FEMA as the administering agency.
What is the opportunity identification number?
The opportunity is identified as DHS 23 STORM 139 00 01.
What is the CFDA number for this program?
The opportunity is listed under CFDA number 97.139.
How many awards did FEMA anticipate making for the FY23 cycle described?
For the FY23 cycle described in the source information, FEMA anticipated making about 10 awards.
What was the maximum (ceiling) award amount for FY23?
The award ceiling for FY23 was $5,000,000 per award.
When was this funding opportunity created?
The opportunity was created on December 20, 2022.
What was the original application closing date for this opportunity?
The original application closing date was April 28, 2023.
Who ultimately benefits from projects supported through the revolving loan fund?
The program is aimed at reducing disaster impacts on homeowners, businesses, nonprofit organizations, and whole communities by enabling local governments to carry out mitigation projects that lower risk.
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