Virginia Shoreline Resiliency Fund
In 2016, the Commonwealth of Virginia established the Virginia Shoreline Resiliency Fund (Virginia Code § 10.1-603.25), a revolving loan fund for local governments to "help residents and businesses that are subject to recurrent flooding as confirmed by a locality-certified floodplain manager." The fund is administered by the Virginia Department of Emergency Management.
This resource was featured in the May 6, 2016, ASAP Newsletter.
"In April, the Commonwealth of Virginia took a step towards helping property owners prepare for sea level rise. Virginia's Democratic Gov. Terry McAuliffe signed legislation to establish the Virginia Shoreline Resiliency Fund – a revolving loan fund to help residents and businesses who are subject to recurrent flooding invest in property changes to reduce or avoid future flood damage. While other states have developed similar funding programs, Virginia’s new Shoreline Resiliency Fund uniquely provides loans for developments needed to prevent predicted flooding. This is essential for areas like Virginia’s Hampton Roads – a coastal community facing the highest rates of sea level rise on the East Coast."
The Virginia fund is modeled after Shore Up Connecticut, a low-interest loan program to provide financing to retrofit structures to be more resilient to impacts from flooding and extreme storms. In contrast to Connecticut and other states, however, Virginia’s Shoreline Resiliency Fund uniquely provides loans for developments needed to prevent not only known recurrent flooding risks, but also for resiliency to predicted or future coastal flooding, such as from sea-level rise.
Under the law, the fund can draw from multiple, different sources of revenue including money appropriated by the Virginia General Assembly, repayment of local government loans made through the fund, and "any other sums designated for deposit to the Fund from any source, public or private." As of May 2018, the fund has not been allocated money from any source and the Department of Emergency Management has not developed guidance for the loan program or awarded any loans.
Publication Date: April 20, 2016
- State of Virginia