Revolving Loan Fund for Communities Threatened by Climate-Fueled Disasters
Idea Category: Climate Change
Problem
As global temperatures rise, so do sea levels, which threaten to erode cliffs and flood homes along California’s coast. Local governments are facing very difficult political decisions. They are looking for ways to address this crisis, balancing very limited budgets and few good options with the needs of residents.
Solution
Senate Bill 83 establishes a revolving fund within the State Coastal Conservancy to provide state-backed low-interest mortgages to local governments, who would use the money to buy properties at risk of sea-level rise in the next one or two decades. While allowing the owner to sell while a property still has value, the local entity can then rent out the property, repay the loan, and potentially earn additional revenue. Once the property is at risk of flooding from the rising sea, the property can be demolished.
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