Hazard mitigation plans (HMPs) identify vulnerabilities associated with natural disasters and assists in the development of strategies to reduce risk in your community. While mitigation projects identified in an HMP can help reduce your jurisdiction’s long-term risk of natural disasters, they can be economically challenging to implement. Before developing mitigation projects, you need to consider how to fund them. Here are three considerations to help you prepare.
Start by “pre-screening” projects identified in your hazard mitigation plan. During pre-screening, engineers or architects investigate hazard mitigation projects more closely, so they can develop scopes of work and cost opinions -- two critical elements of the required Benefit-Cost Analysis (BCA). To be eligible for a cost-share through FEMA’s Hazard Mitigation Assistance Programs, a potential hazard mitigation project must show a positive BCA.
Involve a Funding Specialist
Work with funding specialists to find other resources that may be available to cost-share mitigation projects. In addition to FEMA’s Hazard Mitigation Assistance Programs, our Funding team successfully outlines other resources for your community, such as all available grants, loans, tax credits, and statutorily-authorized programs.
Craft a Resource Plan
Once your projects have been pre-screened and funding sources have been researched, develop a resource plan. The resource plan should be a living document, updated as your mitigation project is developed. Depending on the funding source’s eligibility criteria, add or delete resources as necessary.
Gaining awareness of available resources is an important first step to secure funding for your mitigation project. By keeping these three considerations in mind, you can make responsible decisions on how to best proceed with a project.