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42 U.S. Code § 5135. Grants to entities for establishment of hazard mitigation revolving loan funds
(a) General authority
(1) In generalThe 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.
(2) AgreementsAny agreement entered into under this section shall require the participating entity to—
(A)
comply with the requirements of this section; and
(B)
use accounting, audit, and fiscal procedures conforming to generally accepted accounting standards.
(b) Application
(1) In generalTo be eligible to receive a capitalization grant under this section, an eligible entity shall submit to the Administrator an application that includes the following:
(A)
Project proposals comprised of local government hazard mitigation projects, on the condition that the entity provides public notice not less than 6 weeks prior to the submission of an application.
(B)
An assessment of recurring major disaster vulnerabilities impacting the entity that demonstrates a risk to life and property.
(C)
A description of how the hazard mitigation plan of the entity has or has not taken the vulnerabilities described in subparagraph (B) into account.
(D)
A description about how the projects described in subparagraph (A) could conform with the hazard mitigation plan of the entity and of the unit of local government.
(E)
A proposal of the systematic and regional approach to achieve resilience in a vulnerable area, including impacts to river basins, river corridors, watersheds, estuaries, bays, coastal regions, micro-basins, micro-watersheds, ecosystems, and areas at risk of earthquakes, tsunamis, droughts, severe storms, and wildfires, including the wildland-urban interface.
(2) Technical assistance
The Administrator shall provide technical assistance to eligible entities for applications under this section.