Washington – Stemming from extensive mitigation research, the National Institute of Building Sciences (NIBS) is working with Fannie Mae to develop a roadmap on mitigation investment to help Americans and the nation’s built environment prepare for and better respond to the effects of climate change.
The Resilience Incentivization Roadmap 2.0 is being sponsored by Fannie Mae and supported by the NIBS Multi-Hazard Mitigation Council’s Committee on Finance, Insurance, and Real Estate (CFIRE).
“Banks, insurance companies, appraisers, and real estate firms all play a significant role in how buildings are procured, designed and constructed,” said Stephen T. Ayers, FAIA, interim CEO of NIBS. “How these different segments evaluate the risk associated with particular projects, technologies, and practices can have an enormous impact on whether an idea gets the funding and insurance needed to move forward to fruition.”
The goal of the Resilience Incentivization Roadmap 2.0 is to identify pathways to work with lenders to explore financial products that support resilient buildings, help developers properly evaluate risk and recognize values of resilient buildings and lower the upfront cost, collaborate with insurers to promote insurance programs that reward safer structures, and support communities to develop layered mitigation investment packages.
“The ability to estimate and communicate the value of building resiliency is vitally important to U.S. housing, especially given the current and future impact of climate change on the built environment,” said Tim Judge, chief climate officer, Fannie Mae.
In 2020, CFIRE published “A Roadmap to Resilience Incentivization,” calling for public and private incentives to owners of buildings and other infrastructure to facilitate the upgrade of existing infrastructure and better design of new infrastructure. The Resilience Incentivization Roadmap 2.0 is scheduled to be complete by summer 2023.