Flood Infrastructure Fund (FIF) Category 3 - Federal Award Matching Funds
Category 3 of the Flood Infrastructure Fund (FIF) Program is designed for communities who have received a federal award for flood-related activities that require support with local matching funds. Category 3 provides state-funded financial assistance that supports a portion of the federally required local matching funds. The applicant must provide documentation of an existing federal award contingent on availability of match funding. Any project with a primary purpose of flood mitigation is eligible.
Eligible projects include property acquisition, structural elevation, and drainage projects, such as detention ponds and sewer improvements, which are federally funded through programs such as Hazard Mitigation Grant Program (HMGP), Flood Mitigation Assistance (FMA), Building Resilient Infrastructure and Communities (BRIC), and U.S. Army Corps of Engineers (USACE).
Financing options for FIF Category 3 projects include loans with an interest rate of 0% and grant funds for all or a portion of the applicant's required federal match. The recipient may use its own available funds for any portion of the required match not covered by the grant funds (instead of borrowing FIF funds at 0%).