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A Review of Funding Mechanisms for US Floodplain Buyouts

1
Institute for the Environment, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USA
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Department of City and Regional Planning, University of North Carolina at Chapel Hill, Campus Box #3140, Chapel Hill, NC 27599, USA
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The Environmental Law Institute, 1730 M St. NW #700, Washington, DC 20036, USA
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(23), 10112; https://doi.org/10.3390/su122310112
Received: 3 November 2020 / Revised: 24 November 2020 / Accepted: 25 November 2020 / Published: 3 December 2020
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. View Full-Text
Keywords: floodplain buyouts; environmental finance; hazard mitigation; climate adaptation; floodplain management; municipal finance floodplain buyouts; environmental finance; hazard mitigation; climate adaptation; floodplain management; municipal finance
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MDPI and ACS Style

Peterson, K.; Apadula, E.; Salvesen, D.; Hino, M.; Kihslinger, R.; BenDor, T.K. A Review of Funding Mechanisms for US Floodplain Buyouts. Sustainability 2020, 12, 10112. https://doi.org/10.3390/su122310112

AMA Style

Peterson K, Apadula E, Salvesen D, Hino M, Kihslinger R, BenDor TK. A Review of Funding Mechanisms for US Floodplain Buyouts. Sustainability. 2020; 12(23):10112. https://doi.org/10.3390/su122310112

Chicago/Turabian Style

Peterson, Kelsey, Emily Apadula, David Salvesen, Miyuki Hino, Rebecca Kihslinger, and Todd K. BenDor 2020. "A Review of Funding Mechanisms for US Floodplain Buyouts" Sustainability 12, no. 23: 10112. https://doi.org/10.3390/su122310112

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