A Review of Funding Mechanisms for US Floodplain Buyouts
Increases in extreme weather events have caused extensive flooding across the United States. In response, federal, state, and local governments have broadened their flood mitigation strategies to include acquisition and demolition of flood-damaged homes (“buyouts”). Little work has documented or ana...
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MDPI AG
2020-12-01
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| Series: | Sustainability |
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| Online Access: | https://www.mdpi.com/2071-1050/12/23/10112 |
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doaj-3892f4b26dbd47588c13ca0b7a3ffbc42020-12-04T00:05:45ZengMDPI AGSustainability2071-10502020-12-0112101121011210.3390/su122310112A Review of Funding Mechanisms for US Floodplain BuyoutsKelsey Peterson0Emily Apadula1David Salvesen2Miyuki Hino3Rebecca Kihslinger4Todd K. BenDor5Institute for the Environment, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USAInstitute for the Environment, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USAInstitute for the Environment, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USADepartment of City and Regional Planning, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USAThe Environmental Law Institute, 1730 M St. NW #700, Washington, DC 20036, USAInstitute for the Environment, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USAIncreases in extreme weather events have caused extensive flooding across the United States. In response, federal, state, and local governments have broadened their flood mitigation strategies to include acquisition and demolition of flood-damaged homes (“buyouts”). Little work has documented or analyzed the range of strategies for funding buyouts. Federal programs provide the bulk of funding, but these programs are often slow. Also, state and local governments struggle to meet cost-match requirements. We present and analyze a nationwide census of buyout funding programs (n = 34), which draw on five primary funding mechanisms. We find that state and local governments are using a range of traditional and innovative financial mechanisms, including municipal/green bonds, revolving loan funds, local option sales taxes, and stormwater utility fees, as viable tools for funding buyouts. These tools may promote more autonomy from federal government mitigation programs, and ultimately, faster buyout processes.https://www.mdpi.com/2071-1050/12/23/10112floodplain buyoutsenvironmental financehazard mitigationclimate adaptationfloodplain managementmunicipal finance |
| collection |
DOAJ |
| language |
English |
| format |
Article |
| sources |
DOAJ |
| author |
Kelsey Peterson Emily Apadula David Salvesen Miyuki Hino Rebecca Kihslinger Todd K. BenDor |
| spellingShingle |
Kelsey Peterson Emily Apadula David Salvesen Miyuki Hino Rebecca Kihslinger Todd K. BenDor A Review of Funding Mechanisms for US Floodplain Buyouts Sustainability floodplain buyouts environmental finance hazard mitigation climate adaptation floodplain management municipal finance |
| author_facet |
Kelsey Peterson Emily Apadula David Salvesen Miyuki Hino Rebecca Kihslinger Todd K. BenDor |
| author_sort |
Kelsey Peterson |
| title |
A Review of Funding Mechanisms for US Floodplain Buyouts |
| title_short |
A Review of Funding Mechanisms for US Floodplain Buyouts |
| title_full |
A Review of Funding Mechanisms for US Floodplain Buyouts |
| title_fullStr |
A Review of Funding Mechanisms for US Floodplain Buyouts |
| title_full_unstemmed |
A Review of Funding Mechanisms for US Floodplain Buyouts |
| title_sort |
review of funding mechanisms for us floodplain buyouts |
| publisher |
MDPI AG |
| series |
Sustainability |
| issn |
2071-1050 |
| publishDate |
2020-12-01 |
| description |
Increases in extreme weather events have caused extensive flooding across the United States. In response, federal, state, and local governments have broadened their flood mitigation strategies to include acquisition and demolition of flood-damaged homes (“buyouts”). Little work has documented or analyzed the range of strategies for funding buyouts. Federal programs provide the bulk of funding, but these programs are often slow. Also, state and local governments struggle to meet cost-match requirements. We present and analyze a nationwide census of buyout funding programs (n = 34), which draw on five primary funding mechanisms. We find that state and local governments are using a range of traditional and innovative financial mechanisms, including municipal/green bonds, revolving loan funds, local option sales taxes, and stormwater utility fees, as viable tools for funding buyouts. These tools may promote more autonomy from federal government mitigation programs, and ultimately, faster buyout processes. |
| topic |
floodplain buyouts environmental finance hazard mitigation climate adaptation floodplain management municipal finance |
| url |
https://www.mdpi.com/2071-1050/12/23/10112 |
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