Financing Resilience
I was the deputy project manager and supported the development of Lab materials. organized and participated in Labs, and prepared final Lab reports and summary articles. The Milken Institute, in collaboration with AECOM, examined innovative approaches to deliver resilient infrastructure in four cities: Los Angeles, Chicago, London, and New York. The Labs included discussing best practices from other cities, the necessary policy tools, and funding and financing models to kick start investment in necessary resilient urban infrastructure including the development of affordable housing, major transit hubs, and flood and sea level rise infrastructure. A summary of the Lab recommendations are provided below:
Financing Urban Resiliency Investing in Complete Communities
London City Region, U.K.
The Financial Innovation Lab explored how complete settlements, delivered across the city region around London, could meet the capital’s growing housing need, through a range of policy, funding and financing, and governance approaches. The Lab identified five key recommendations:
Create a regional strategy
Facilitate appropriate land assembly.
Improve infrastructure development and coordination.
Establish a pilot governance body to ensure agency coordination and execution.
Strengthen community engagement.
Financing Urban Resiliency: Innovative Approaches to Deliver Affordable Housing. Chicago, Il
In Chicago the Financial Innovation Lab participants discussed how we can break the cycle of housing inequity facing Chicago’s most vulnerable communities, by making affordable housing an attractive proposition to both public and private finance. The Lab identified four key recommendations:
Prioritize place-based policies and areas of focus
Resourcefully identify equity capital
De-risk and enhance early investment by critical providers
Identify creative pools of gap or takeout financing
Financing Urban Resiliency: Coastal Resiliency
Lower Manhattan, NY
New York’s Financial Innovation Lab participants explored innovative public and private financial solutions to deliver essential climate adaptation and flood protection infrastructure for Lower Manhattan, New York. The Lab identified five key recommendations:
Improve data collection, metrics, and quantification of risk.
Expand municipal bond options.
Design an insurance surcharge for resiliency.
Model the value of shoreline expansion.
Design a water and sewer surcharge.
Financing Urban Resiliency: Investing in Los Angeles' Urban Resiliency
Los Angeles, CA
The Los Angeles Financial Innovation Lab participants identified opportunities to realize Union Station’s true potential as a 21st century transit hub, through effective use of public capital and attract private financing. The Lab identified four key recommendations:
Amplify the project vision and benefits to the communities and users.
Determine viable strategy for core infrastructure.
Develop an inclusive governance structure.
Explore alternative development opportunities.