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 hazard mitigation projects. A new 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 bill also outlines the use of these funds for providing loans to local governments for hazard mitigation efforts.

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 shoreline erosion. The bill allocates $5 million for this program and increases DNR's staffing by 0.5 full-time equivalent position to oversee it. DNR is also granted the authority to create rules for the program, including eligibility criteria and income limitations, and can implement emergency rules prior to the establishment of permanent regulations.