Abstract
This issue of the Community Development Innovation Review offers strategies that address climate change risk in low- and moderate-income (LMI) communities. As these communities begin to grapple with a changing environment, strategic investments can increase resiliency and support adaptation while simultaneously advancing community development priorities. The articles in this issue of the Review consider these investment opportunities from a diverse set of community, financial, economic, and academic perspectives.
Highlights
The Community Development Innovation Review focuses on bridging the gap between theory and practice, from as many viewpoints as possible
Adaptation is a process that has no end. This issue of the Community Development Innovation Review offers a window into the diversity of ideas and people shaping climate adaptation and community development
They share a sense of obligation and hope that climate adaptation will open new pathways for redefining and addressing perennial challenges. They share a vision for collective prosperity and uniform opportunity. These contributors offer a glimpse into a field of practice and an area of scholarly inquiry that—even in its earliest stages—will yield benefits across asset classes and life-cycles to impact the social welfare of everyday people
Summary
Flood risk mitigation and adaptation investment analysis needs to evolve to a new frame in order to effectively change behaviors of the key players: (i) property owners; (ii) regional, state, and local government officials; (iii) financial institutions, including banks, the GSEs, and flood insurers; (iv) architects; (v) engineers, and (vi) building materials manufacturers. Creating a new standard metric and scoring system for an accepted flood risk assessment tool is critical for creating and driving financial incentives in the form of new lending programs, insurance premium discounts, insurance claims payment incentives, and new flood resilient architectural designs and building materials, as steps toward promoting prudent behavior This could be the catalyst for the adoption of new building codes, zoning ordinances, and land use planning in areas exposed to heightened flood risk over the long term. The new flood risk metric proposed in this article would be used to determine the requisite flood resiliency score for the reduced loan pricing available in such a program
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