Assembly Bill 209 establishes 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, administered by the Department of Military Affairs (DMA), will allow the Division of Emergency Management to enter into agreements with FEMA to secure federal funding for local hazard mitigation projects. 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 federal funds received into this account. The bill also outlines the sources of funding for this program, including repayments from loans and federal contributions.

The Great Lakes Erosion Control program, managed by the Department of Natural Resources (DNR), aims to assist municipalities and homeowners along Lake Michigan and Lake Superior whose properties are threatened by 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. DNR is also granted the authority to create emergency rules to expedite the implementation of the program before permanent rules are established. Overall, the bill seeks to enhance the state's capacity to address environmental hazards and protect vulnerable communities along the Great Lakes.