Peters Established the Program through his STORM Act & Secured Initial Funding Needed to Help Communities Address Flooding, Shoreline Erosion and other Natural Hazards
WASHINGTON, DC – U.S. Senator Gary Peters (D-MI), Chairman of the Homeland Security and Governmental Affairs Committee, announced today that Michigan will receive $17.3 million – the largest allocation of the 12 states awarded – from the Safeguarding Tomorrow Revolving Loan Fund (RLF) Program’s fiscal year 2024 cycle. This funding will be used to help communities across Michigan invest in projects that will protect against severe flooding, rising water levels, coastal erosion, and other natural hazards. The program was created by Senator Peters’ Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act, which was signed into law in 2021. As a part of the bipartisan infrastructure law, Peters secured the first federal funding to help kick start the program.
“As severe weather becomes more frequent and challenging for communities across Michigan, it’s more important than ever that we ensure our state has the resources needed to protect our residents, our businesses, and our critical infrastructure,” said Senator Peters. “I passed legislation to create the Safeguarding Tomorrow Revolving Loan Fund Program to address serious challenges across our state, and I’m excited that Michigan is receiving the largest investment from the program to help build more resilient infrastructure and help our communities prepare for extreme weather events in the future.”
Severe storms, extreme flooding, rising water levels and high winds – exacerbated by climate change – are causing more destructive and costly natural hazards than ever before. Communities in Michigan and across the country are facing serious flooding, coastal erosion and high-water level challenges that have destroyed homes and beaches and have even forced residents to relocate.
Peters’ STORM Act created the Safeguarding Tomorrow Revolving Loan Fund Program, which provides capitalization grants to states to fund low-cost loans to support local disaster mitigation and resilience projects in a cost-effective way. Last year, Peters helped secure $5.1 million in funding for communities across Michigan from the program. Studies have shown that investments in resilience and mitigation projects, such as those the RLF provides funding for, saves taxpayers an average of $6 for every $1 invested.
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