Senate Bill 207 proposes the establishment of two revolving loan programs in Wisconsin: a Hazard Mitigation Revolving Loan Program and a Great Lakes Erosion Control Revolving Loan Program. The Hazard Mitigation program will be administered by the Department of Military Affairs (DMA) and will allow the Division of Emergency Management to enter into agreements with FEMA to secure federal funding. A nonlapsible trust fund, the Hazard Mitigation Revolving Loan Fund, will be created to manage these funds, with the state required to transfer 10% of any federal funds received into this fund. The program aims to provide loans to local governments for hazard mitigation projects.

The Great Lakes Erosion Control program will be managed by the Department of Natural Resources (DNR) and is designed to assist municipalities and homeowners along Lake Michigan and Lake Superior whose properties are threatened by shoreline erosion. The bill allocates $5 million for this initiative and increases DNR's staffing by 0.5 full-time equivalent position to oversee the program. Additionally, DNR is granted the authority to create emergency rules for the program's implementation prior to the establishment of permanent rules. The bill includes various provisions for the administration and funding of both programs, ensuring that they can effectively address the respective challenges of hazard mitigation and shoreline erosion.