Safeguarding Tomorrow through Ongoning Risk Mitigation (STORM) Act

The Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act authorize FEMA to provide capitalization grants to states, eligible federally recognized tribes, territories and the District of Columbia to establish revolving loan funds that provide hazard mitigation assistance for local governments to reduce risks from natural hazards and disasters. States may then disburse low-interest loans for eligible hazard mitigation projects that reduce disaster risks for local governments. 

Tennessee has passed legislation authorizing the Tennessee Emergency Management Agency (TEMA) to create, oversee, and manage the Resilient Tennessee Revolving Loan Fund (RLF) to be able to assist local governments in obtaining low-interest loans (1 percent interest rate or less) for hazard mitigation projects.