Apparently, this announcement was issued on Sat. June 14th.  Given that timing, there has been little media coverage so far.

Today, President Obama will announce the National Disaster Resilience Competition. Responding to demand from state, local and tribal leaders who are working to increase the safety and security of their communities, the nearly $1 billion competition will invite communities that have experienced natural disasters to compete for funds to help them rebuild and increase their resilience to future disasters.

Here is the basic info from the White House site:  FACT SHEET: National Disaster Resilience Competition.

UPDATE:  The Fact Sheet does not provide a lot of details. It appears that HUD has the lead role. And the HUD website offers no additional details.

Not exactly a great kick off for this new effort.