IL SB3458

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

Fund shall be co-administered by the Illinois Emergency Management Agency and Office of Homeland Security, Department of Natural Resources, and Environmental Protection Agency, with the Department of Natural Resources serving as primary administrator.

Directors must apply to the Federal Emergency Management Agency for STORM Act funding to capitalize the fund and prioritize loans for projects with the greatest impact on eliminating hazards.

Fund moneys shall be protected from sweeps and budgetary transfers, remain available in perpetuity, and include federal or private funding, General Assembly appropriations, investment earnings, and loan repayments.

Each administering agency may establish one full-time equivalent position to implement the program, and eligibility criteria require applicants to demonstrate need for hazard mitigation and ability to repay loans.