IL HB5297

Establishes the Resilient Illinois Revolving Loan Fund as a special state fund to provide low-interest or no-interest loans to counties and nonprofit organizations for hazard mitigation and local resilience projects.

Fund moneys may come from federal sources (including the federal STORM Act), state appropriations, investment earnings, loan repayments, and other sources; fund is protected from state sweeps and budget maneuvers.

Co-administered by the Illinois Emergency Management Agency and Office of Homeland Security, Department of Natural Resources, and Environmental Protection Agency, with each agency able to hire one full-time position to implement the fund.

Directors must apply for federal STORM Act funding when available to capitalize the fund and prioritize loans for projects with greatest impact on eliminating hazards.

Fund shall remain available in perpetuity; loans may satisfy nonfederal match requirements for federal mitigation grants; applicants must demonstrate hazard mitigation need and repayment ability; becomes effective immediately.