VA Community Flood Preparedness Fund 

 
 

OVERVIEW

In 2021, Virginia joined the Regional Greenhouse Gas Initiative (RGGI), a market-based compact to reduce CO2 emissions while generating revenue for states. The auction process for CO2 allowances generated funding that builds flood resilience across the Commonwealth: 50% to low-income energy efficiency programs & 45% to the Community Flood Preparedness Fund, as written in VA legislation. Due to unlawful budgetary and administrative actions of the Youngkin Administration, Virginia is no longer participating in RGGI as of December 2023 and neither funding program will receive proceeds from carbon allowance auctions until a contract with RGGI is renewed.

The table below details the four award cycles of the Community Flood Preparedness Fund (CFPF) that were funded by proceeds from RGGI from 2021 - 2023. Overall, $151.6 million has been awarded with 68% of grantees in designated low-income geographic areas. An allocation of $100 million was made to the CFPF in the most recent biennial budget, providing the Fund with a much needed yet reduced (compared to annual RGGI proceeds) capitalization of critical resilience funding. More details are available on Wetlands Watch’s CFPF webpage.

 
 

COMMUNITY RESOURCES

DCR Approved Local Flood Resilience Plans

Local Flood Resilience Plans are a prerequisite for applying to the Project grant category in the CFPF.