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FEMA Announces $300 Million Available in Second Round of Swift Current Funding

ByNews Editor
Application period closes on Jan. 15, 2025.

FEMA Administrator Deanne Criswell announced the availability of another $300 million in Swift Current funding to help property owners across the nation become more resilient to flooding.

Swift Current is a sub-program of FEMA’s Flood Mitigation Assistance Program and aims to speed up the award of Flood Mitigation Assistance funding to reduce the damage-repair cycle of repetitively flooded or substantially damaged properties. Rather than through the annual grant cycles, Swift Current provides resiliency dollars for properties insured through the NFIP as quickly and equitably as possible after a flood disaster event. 

Examples of projects eligible for this funding include property acquisition and demolition, elevation and relocation. To be eligible, buildings must be insured through the National Flood Insurance Program.

For the first Swift Current announcement in 2022, FEMA allocated a total of $60 million to Louisiana, Mississippi, New Jersey, and Pennsylvania—all affected by Hurricane Ida—to equitably expedite mitigation grants to disaster survivors with repetitively flooded homes. As of Nov. 7, 2023, a total of 326 properties across the four states have benefited from the initiative, making their communities more resilient to flooding—the nation’s most common natural disaster.

For this announcement, FEMA expanded criteria so more places could benefit. Applicants will be eligible if they meet two criteria:

1.  Applicants will meet eligibility criteria if they have received a major disaster declaration for a flood-related disaster event between June 1, 2023 –  May 31, 2024. Flood-related disaster events include coastal storms, hurricanes, remnants of hurricanes, and floods.

2.  Additionally, one of the following criteria must be met:

  • The state has at least $1 million in prior NFIP claims from June 1, 2022 to the major disaster declaration date until May 31, 2024.
  • The state has 500 or more NFIP claims in a declared flood-related disaster event from June 1, 2022 to May 31, 2024.
  • The applicant is a U.S. territory or a federally recognized Tribal government participating in the NFIP. 

FEMA will work with states, Tribes, and territories to explore their participation during this cycle. Potential applicants who have questions may contact their FEMA regional office.

The Bipartisan Infrastructure Law includes $3.5 billion in Flood Mitigation Assistance grants over five years. As part of this funding, Swift Current will help communities reduce flood damage and comply with local community requirements.

In line with the Justice40 Initiative, which set a goal that 40 percent of the overall benefits of certain federal investments flow to disadvantaged communities, Swift Current provides more equitable access to mitigation grants by increasing the federal cost share for eligible applicants above the standard 75% cost share and offering tailored pre-application support to disadvantaged communities that often face challenges meeting their non-federal match.

The application period opens on Nov. 15, 2023 and closes on Jan. 15, 2025. The funding opportunity is available on Grants.gov.

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