Back to OurEnergyLibrary search




Evaluating Best Practices from State Revolving Funds (SRFs) to Support Market- and Nature-Based Approaches for Flood Risk Reduction and Water Quality Improvement

Evaluating Best Practices from State Revolving Funds (SRFs) to Support Market- and Nature-Based Approaches for Flood Risk Reduction and Water Quality Improvement

Full Title: Evaluating Best Practices from State Revolving Funds (SRFs) to Support Market- and Nature-Based Approaches for Flood Risk Reduction and Water Quality Improvement
Author(s): Eric Letsinger
Publisher(s): Environmental Defense Fund (EDF)
Publication Date: August 25, 2021
Full Text: Download Resource
Description (excerpt):

Enacted in January 2021, the Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act authorized the Federal Emergency Management Agency (FEMA) to establish hazard mitigation revolving loan funds to provide needed and sustainable funding for hazard mitigation projects (see Appendix 2). The program will provide capitalization grants to state agencies responsible for emergency management to establish revolving loan funds for projects designed to reduce risks from disaster, natural hazards, and other related environmental harm in addition to other support through direct project grants and technical assistance. This program is modeled after the highly successful Clean Water and Drinking Water State Revolving Funds (CWSRF/DWSRF, or SRFs) administered by the Environmental Protection Agency (EPA) that fund water, wastewater, and stormwater projects. Congress has already approved appropriations of $100 million for federal fiscal years 2022 and 2023.

This report is offered to assist Environmental Defense Fund (EDF) in providing recommendations to FEMA about how this new loan program can be structured to encourage nature-based solutions. It identifies best practices among states that have created innovative financing opportunities through their SRF programs. This report is the product of a review of published research and focused interviews with SRF Directors, EPA staff, and experts in the field of environmental financing to gather firsthand accounts of their successes, the challenges they faced when attempting innovation, and barriers they encountered when implementing program priorities.

All statements and/or propositions in discussion prompts are meant exclusively to stimulate discussion and do not represent the views of OurEnergyPolicy.org, its Partners, Topic Directors or Experts, nor of any individual or organization. Comments by and opinions of Expert participants are their own.

Sign up for our Press Release Distribution List

    Your Name (required)

    Your Email (required)

    Please sign me up to receive press releases from OurEnergyPolicy.org.