The Creation of a Virginia Coastal Resilience Development Authority: An Inventory of State Coastal Resilience Authorities and Funding Mechanisms to Help Guide Virginia

Abstract

In June 2018, Governor Ralph Northam signed legislation creating a cabinet-level position, the Special Assistant to the Governor for Coastal Adaptation and Protection, to lead efforts in addressing coastal resilience and flooding mitigation in Virginia. The following November, Governor Northam signed Executive Order No. 24, which directed the state to increase statewide resilience to natural hazards and extreme weather. This Executive Order directed Virginia to develop a Coastal Resilience Master Plan (CRMP). In order to implement the projects proposed in the CRMP, the Commonwealth will need funding. This paper provides an inventory of various states’ programs for funding coastal resilience efforts and sets forth recommendations for Virginia. Before analyzing other states’ funding mechanisms, it would be helpful to identify the most popular sources for funding. Some of these options include federal grants, funding for United States Army Corps of Engineers (USACE) resilience projects, utility taxes, special taxing districts, municipal bonds, environmental impact bonds, catastrophe bonds, credit trading markets, private foundation grants, private investments, and tax exemptions. This abstract has been taken from the author\u27s introduction