Senate Bill 207 aims to establish two revolving loan programs in Wisconsin: a hazard mitigation program and a Great Lakes erosion control program. The bill authorizes the Division of Emergency Management within the Department of Military Affairs (DMA) to enter into agreements with the Federal Emergency Management Agency (FEMA) to secure federal funding for the hazard mitigation program. It creates a nonlapsible trust fund, the Hazard Mitigation Revolving Loan Fund, to manage these funds and mandates that 10% of any federal funds received be transferred from the general fund to this loan fund. The bill also requires the Department of Natural Resources (DNR) to administer a revolving loan program to assist municipalities and homeowners affected by shoreline erosion along Lake Michigan and Lake Superior, with an appropriation of $5 million for this purpose.

Additionally, the bill includes provisions for the DNR to create rules governing the eligibility and income limitations for the erosion control loans and allows for the promulgation of emergency rules prior to the establishment of permanent regulations. The bill increases the DNR's position authorization by 0.5 full-time equivalent (FTE) to facilitate the administration of the erosion control program. Overall, the legislation seeks to enhance the state's capacity to address hazard mitigation and shoreline erosion through financial assistance to local governments and residents.