Funding Strategy for Mitigation Projects

Table of Contents

x
How It Works

Mitigation costs money. Local governments need a funding strategy to be proactive in building their capacity to implement mitigation actions and protect lives, property and investments from the catastrophic impacts of natural disasters.

Colorado’s county and municipal jurisdictions are affected by a host of natural hazards that require varying levels of investment depending on the projects and programs identified to mitigate risk. Some activities require significant capital investment to implement effective and sustainable mitigation solutions, while others are feasible with less capital. Insufficient funding and the lack of a strategic financing plan are often major barriers to implementing hazard mitigation projects.

Read More
Funding Mechanisms

Below is a partial list of local, state and regional, federal, and non-governmental funding sources that can be leveraged to support the implementation of local mitigation activities. 

Read More
Implementation

Implementing a strategy to finance hazard mitigation is critical to strategically investing and advancing the goals of a community. A strategy should be based on leveraging both new and existing funding mechanisms by identifying: 1) a sound framework of data, community priorities, and needs, 2) sustained local funding source(s) to establish a foundation for matching and maintenance, and 3) a strong position to make a larger grant request for capital investments.

Read More
Where It Has Been Done

Examples of funding strategy development and layering include the city of Colorado Springs, Colorado and, Wildfire Mitigation and Mecklenburg, North Carolina, Voluntary Floodplain Buyout Program.

Read More
Advantages and Key Talking Points
  • A consistent local funding source offers predictability for capacity to fund mitigation activities and allows communities to set up a long-term strategy to leverage those dollars for larger investments such as matching funds for a grant.

  • A well-developed funding strategy will help pair projects with appropriate funding sources and ensure effective implementation.

Challenges
  • Federal or state assistance programs can be highly competitive, may require a lengthy application, are limited in size and scope, and are often awarded on a one-time basis.  

  • The range of local funding sources available to communities depends on state and local context and legal environment. When determining which revenue sources to use in your community, it is important to be cognizant of the particular conditions in your jurisdiction and identify if other limiting factors exist.

Key Facts

Administrative Capacity

Dependent on the funding mechanism. Local revenue streams will follow existing systems. However, grant opportunities will require additional staff time and support to apply for and administer.

Mapping

None.

Regulatory Requirements

None.

Maintenance

Ongoing evaluation and prioritization of projects and funding options.

Adoption Required

Dependent on Funding Mechanism. 

Statutory Reference

Dependent on the funding source. 

Associated Costs

Staff labor time.

Upcoming Events

There are no upcoming events