President Trump signed S3418, the STORM Act [safeguarding tomorrow through ongoing mitigation], into law on New Year’s Day, authorizing the Federal Emergency Management Agency to grant money to cities and towns to create resilience revolving loan funds for infrastructure projects.
The standalone STORM Act includes a $200-million authorization to fund projects, but that money will not be distributed until 2022. There are spending authorizations for $100 million each in fiscal years 2022 and 2023 in the bill.