What is FMA Swift Current?
The Flood Mitigation Assistance (FMA) Swift Current program provides federal funding following a flood-related disaster for targeted individual flood mitigation projects that reduce the risk of future flood damage to National Flood Insurance Program (NFIP)-insured properties, particularly those that have experienced repetitive or severe repetitive flood damage.
- Applicants: States that receive a flood-related disaster declaration between June 1, 2025, and May 31, 2027, and meet specified NFIP claim criteria are eligible for Swift Current Fiscal Year 2026 (FY26) funding.
- Subapplicants: Cities, towns, counties, special district governments, or tribal governments that participate in NFIP may apply to Swift Current.
- Funding: $600 million will be provided nationally on a rolling basis, with $5 million to $40 million allocated to states with qualifying flood disasters.
- Deadline: Varies by state.
- Period of performance: 36 months.
Who is Eligible for Swift Current Funding?
Eligible Properties
For an individual flood mitigation project to be eligible for Swift Current funding:
- The property must have an NFIP policy in effect when the application period opens and maintain the coverage for the life of the structure.
- The property must meet applicable Swift Current eligibility criteria, including qualifying as a Repetitive Loss (RL), Severe Repetitive Loss (SRL), or Substantially Damaged (SD) property.
How is Property Status Determined?
Properties are classified as RL or SRL based on the number and amount of prior NFIP claims. Local officials should consult their State Floodplain Manager to identify RL and SRL properties in their jurisdiction.
SD determinations are made by local floodplain administrators based on each community’s floodplain bylaws or ordinances.
What Changed for FMA Swift Current FY26?
For FY26, FEMA made several changes to eligible activities and program administration:
- Fewer eligible project types: Swift Current funding is now focused on Individual Flood Mitigation Projects. Localized flood risk reduction, capability and capacity building, and project scoping activities—including scoping for future projects on RL, SRL, and SD properties—are no longer eligible.
- Consolidated application periods: When multiple qualifying disasters occur during an open application period, states may consolidate Swift Current activation application periods to streamline the application process.
What Projects Are Eligible?
Swift Current funding is only available for Individual Flood Mitigation Projects, including:
- Acquisitions: Voluntary property buyouts and the demolition or relocation of all structures on the properties.
- Elevations: Physical raising of structures above flood levels.
- Dry floodproofing of non-residential or historic structures: Measures to seal a structure to keep floodwaters out.
- Retrofits: Structural or non-structural modifications to existing structures to reduce or eliminate the risk of future flooding, such as elevating utility equipment.
- Mitigation reconstruction: Construction of an elevated structure conforming to code where an existing structure has been destroyed.
Cost Share
The federal cost share for Swift Current projects varies based on the property’s eligibility classification:
| Property Classification | Federal Cost Share |
| FMA-defined SRL | 100 percent |
| FMA-defined RL | 90 percent |
| All other eligible properties and scoping activities | 75 percent |
Management Costs
Management costs are expenses associated with administering and managing a Swift Current project, such as project oversight, reporting, and grant administration. The federal cost share for management costs is based on the overall federal cost share for the project.
For example, if a subapplication to elevate multiple properties has an overall federal cost share of 82 percent, management costs would also be funded at 82 percent federal.
Non-Federal Share
For projects requiring a non-federal contribution, Increased Cost of Compliance (ICC) insurance proceeds may be used toward the non-federal share. Eligible NFIP policyholders may receive up to $30,000 in ICC coverage to help bring a substantially damaged property into compliance with local floodplain management ordinances or bylaws.
Hagerty Can Help
Hagerty’s Mitigation professionals are experts in navigating Swift Current and other Federal Emergency Management Agency (FEMA) Hazard Mitigation Assistance (HMA) programs. We are available to support your unique needs, including accessing all funding available through federal grant programs.
Our support includes:
- Developing a detailed Scope of Work (SOW), including the location, purpose, objectives, approach, feasibility, expected outcomes, and benefits of the activity.
- Drafting a work schedule for all tasks identified in the SOW.
- Composing a cost estimate and narrative that describes all anticipated costs associated with the SOW.
- Completing a well-documented Benefit-Cost Analysis (BCA).
- Gathering and assessing sufficient information about potential impacts on environmental resources and/or historic properties in the project area.
- Accounting for other project considerations, including shovel readiness and duplication of funds.
