A $500 million provision secured by U.S. Senator Gary Peters (D-MI), Chairman of the Homeland Security and Governmental Affairs Committee, to help communities address the impacts of natural disasters has been signed into law as a part of the bipartisan infrastructure bill.
Peters secured the first funding for the loan program he created to help states establish revolving loan funds for local governments to carry out mitigation projects that reduce natural disaster risk. These projects could include upgrades to address extreme flooding, shoreline erosion and rising water levels that have put homes, small businesses, property, and communities at risk, and caused millions of dollars in damages.
“Communities across Michigan are struggling with damage caused by increasingly severe storms, flooding and shoreline erosion, and we know these problems will only get worse with continuing climate change,” said Senator Peters. “This funding will kick start my STORM Act loan program and give states and communities access to new opportunities to invest in major infrastructure upgrades from seawalls to stormwater drains that will protect residents, homes and small businesses from these disasters.”
Severe storms, extreme flooding, rising water levels and high winds – along with other factors driven by climate change – are contributing to destructive natural disasters. 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. Southeast Michigan faced severe flooding this summer that tragically led to two deaths, damaged small businesses and thousands of homes, and devastated families. The funding Peters secured for the loan program established by his STORM Act allows local governments to access critical funds to help mitigate the impact of natural disasters in a more cost-effective way. Studies have shown that resilience and mitigation spending saves taxpayers an average of $6 for every $1 invested.
Unlike existing Federal Emergency Management Agency (FEMA) grants, these low-interest loans would allow local governments to invest in resiliency and mitigation projects that reduce the effects of extreme flooding, shoreline erosion and rising and high water levels, along with other natural disasters. These loans would reach communities more quickly than FEMA’s traditional grants, and provide local communities with the capital necessary to invest in more resilient infrastructure.
“The loan funds created by Senator Peters’ STORM Act will be critical to helping protect Marquette’s beautiful coastlines along Lake Superior and our residents from horrible natural disasters,” said Marquette Mayor Jenna Smith. “Our city is grateful to Senator Peters for his efforts to provide communities here in the Upper Peninsula and across Michigan with the resources to build our infrastructure to withstand flooding and coastal erosion so we can safeguard families and businesses, and save money in the long run by making these early investments.”
“As Houghton City and our residents continue to face severe flooding that damages homes and businesses – efforts like Senator Peters’ to get us the resources we need to protect against natural disasters are more important than ever,” said Houghton City Manager Eric Waara. “These new loan programs will be greatly beneficial to communities like ours who need help to upgrade our infrastructure so it is more resilient. We are grateful to Senator Peters for his work and look forward to working with him to ensure our community is more prepared when disaster strikes.”
“First, Senator Peters’ approach with the infrastructure bill is greatly appreciated, as it is notable that he took the initiative to engage and listen to Upper Peninsula stakeholders as the legislation was being debated and before it was signed into law to have an understanding of what was important to us locally, such as our need for accessible and affordable broadband,” said Marty Fittante, CEO of InvestUP. “With the pandemic highlighting further the critical importance of building out accessible and affordable broadband opportunities, we are grateful for Senator Peters’ continued leadership to make that investment in broadband locally. The funding found in the infrastructure bill, and its emphasis of rural communities, is just the latest example of his commitment in this regard, just months after he lead a bi-partisan coalition to pass the Rip and Replace legislation that was critical to the continuity of the Education Access Network.”
“Gary Peters’ STORM ACT will provide a valuable asset to city’s like Traverse City to help mitigate the harmful effects of climate change,” said Traverse City Mayor Jim Carruthers. “This loan fund will help promote projects to address flooding, shoreline erosion, and severe storm damage that many shoreline communities are facing. Thank you Senator Peters for your leadership and support for communities like Traverse City.”
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