Community Development: Climate

Climate
Flood Risk and the Tristate Housing Market
BY Jacob Scott and Claire Kramer Mills | October 2, 2024
The report analyzes flood risk to multifamily and single-family housing in New York, New Jersey, and Connecticut. It examines the risk to housing in low- and moderate-income census tracts and includes case studies on how four local governments are working to mitigate flood risk.

Climate disasters cost all of us. As droughts, floods, and destructive storms become more frequent, building resilient communities and the infrastructure to mitigate climate change is an increasingly important facet of maintaining a healthy economy.

Featured Work
Climate
2024 Environmental Economics and Policy Conference: Future Environmental Markets
Event | September 20, 2024
On Friday, September 20, 2024, the New York Fed, in partnership with SIPA at Columbia University, hosted the third annual event featuring a keynote from Solomon Hsiang, Professor of Global Environmental Policy and panel discussions with expert practitioners exploring environment-related dimensions and innovations in insurance and non-financial markets.
Climate
Exploring Flood Risk for New York City Renters, Homeowners, and Communities of Color
EVENT | September 5, 2024
The September 5, 2024 virtual event explored findings from two papers on flood risk to low- and moderate-income households in New York City released earlier this year by the Community Development Team. The event detailed which New York City neighborhoods are most exposed to flood risk.
Climate
Flood Risk and Basement Housing in New York City: The Impact of Extreme Weather on Vulnerable Housing Stock
BY Ambika Nair and Claire Kramer Mills | MAY 22, 2024
The report analyzes data on housing, flood risk, and socioeconomic characteristics of New York City neighborhoods with basement housing facing the greatest flood risk. The report includes detailed maps showing both flood risk and flood depth as well as maps highlighting areas with both higher flood risk and higher shares of low- and moderate-income renters.
Climate
Flooding Impacts on Household Finances: Insights from Focus Groups in New York City
BY Dyvonne Body | May 16, 2024
The New York Fed’s Community Development team promotes economic growth and financial stability for low- and moderate-income communities and individuals. The latest white paper presents insights from focus groups conducted in 2023 with 31 New York City residents whose homes have flooded.



Climate
Book: “What’s Possible: Investing NOW for Prosperous, Sustainable Neighborhoods”
MAY 2, 2024
Learn about What’s Possible, a collaboration of Enterprise, LISC, and the New York Fed. The book gathers the voices of leading climate and community development experts and offers practical solutions for clean energy, resilience, and equity, intended as a playbook for taking collective action to build a stronger, more inclusive future.
Climate
Electrifying Small Multifamily Buildings in New York State
EVENT | OCTOBER 25, 2023
As part of its work on climate, the New York Fed’s Community Development team researched the challenges of electrifying small-to midsize-properties. The paper, “Window of Opportunity: New York’s Small Multifamily Buildings, Expiring Equipment, and Clean Energy Goals” analyzes the number, location, and tenant demographics of these properties in both New York City and New York State.
All Work
Climate
Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed’s Second District
BY Julian di Giovanni | NOVEMBER 08, 2023
Extreme weather events, along with human adaption to cope with them, may have large effects on the economy and financial markets. Therefore, it is crucial to provide research on the economy’s vulnerability to such events to policymakers, households, financial institutions, and other players in the world economy in order to help them make informed decisions. This research series tries to take a step in this direction while focusing on the Federal Reserve System’s Second District.
Climate
2023 Environmental Economics and Policy Conference: Measuring and Adapting to Climate Risk
EVENT | OCTOBER 2, 2023
On Monday, October 2, 2023, the Federal Reserve Bank of New York, in partnership with the School of International and Public Affairs at Columbia University, hosted the second annual Environmental Economics and Policy Conference..
Climate
Flood-Prone Basement Housing in New York City and the Impact to Low-and-Moderate Income Renters
BY Claire Kramer Mills, Ambika Nair, and Julian di Giovanni NOVEMBER 17, 2023
Hurricane Ida, which struck New York in early September 2021, exposed the region’s vulnerability to extreme rainfall and inland flooding. The storm inflicted extensive damage to the housing stock, particularly low-lying units. This post introduces new data to estimate with greater precision the flood risk to basement apartments in New York City. The authors show that these risks potentially impact roughly 10 percent of low- and moderate-income individuals, immigrants, and racial and ethnic minorities.
Climate
Enterprise, LISC, and the New York Fed to Publish Book on Community Development and Climate Change
by Kevin Stiroh | OCTOBER 17, 2023
Enterprise Community Partners, the Local Initiatives Support Corporation, and the New York Fed announced plans to publish the seminal text on community development and climate change, "What’s Possible: Investing NOW for Prosperous, Sustainable Neighborhoods." Read more.
CLIMATE
Flooding, Families, and the Future
EVENT | SEPTEMBER 18, 2023
On Monday, September 18, 2023, the Federal Reserve Bank of New York, in partnership with the Low Income Investment Fund and Capita, hosted an in-person event to discuss the flood-risk vulnerability of institutions that serve young children and how the financial, child care, and community development sectors can improve the resilience of the schools, day care centers, and parks that families rely on.
Climate
Sustainable Affordable Housing
BY CLAIRE KRAMER MILLS AND JACOB SCOTT | OCTOBER 2022
Our latest report explores recommendations for complying with New York City and State climate laws that mandate reductions in greenhouse gas emissions. Complying with these laws requires major investments in buildings, which contribute a large share of emissions. Such investments are critical in supporting affordable housing for low- and moderate-income New Yorkers—nearly half of the State's population.
Climate
Climate Investing Toward Healthy, Inclusive Neighborhoods
EVENT | SEPTEMBER 20, 2022
On Tuesday, September 20, the Federal Reserve Bank of New York, in partnership with ImpactAssets, the U.S. Impact Investing Alliance, and Uplink, an initiative of the World Economic Forum, hosted an in-person event on neighborhood-level climate investments. The discussion focused on impact investing in local economies and communities, and how those investments connect to population health and climate resilience.
Climate
2022 Financial Innovations Roundtable: Advancing Clean Energy Equity
EVENT | JUNE 16-17, 2022
This two-day event explored how Green Banks and CDFIs can funnel creditworthy projects to market and efficiently raise capital for them. The roundtable identified options and opportunities for Green Banks, CDFIs, and impact investors to collaborate in offering a range of products, approaches, and tools to better serve communities and individuals who have been left out of the transition to clean energy.
Climate
Building Community Resilience as Climate Change Costs Climb
EVENT | MAY 6, 2022
Economists presented research on topics including how low-income communities are disproportionately impacted by climate risks, the unintended consequences of mandatory flood insurance, and how different neighborhoods react to flooding.
Climate
Insights from the Experts: Extreme Heat and Air Quality
BY BELICIA RODRIGUEZ & EDISON REYES | OCTOBER 13, 2021
The New York Fed gathered experts for two recent roundtable discussions to learn about the impact of extreme heat and poor air quality on low- and moderate-income communities and communities of color. Here are five takeaways from the discussions.
Climate
Financial Innovations Spur Growth in Solar Power
BY CLAIRE KRAMER MILLS & EDISON REYES | SEPTEMBER 22, 2021
Although solar power installations in residential homes have long been a luxury good, with high upfront costs, things are changing. Learn about changes in commercial structures and high-rise projects and the role that innovative financing plays in more affordable solutions.
Climate
How Communities on the Front Lines of Climate Change Are Mobilizing
BY BELICIA RODRIGUEZ & JAVIER SILVA | AUGUST 4, 2021
Our new post on climate solutions highlights ideas discussed at an event we hosted that featured activists and policymakers living in places including frequently flooded Hoboken, the rainwater-dependent Virgin Islands, and grid-challenged Puerto Rico.
Climate
Scaling Equitable Solar Finance: A Financial Innovations Roundtable Event
EVENT | May 19, 2021
The New York Fed and the Center for Impact Finance at the Carsey School of Public Policy at the University of New Hampshire gathered solar industry stakeholders, project developers, and members of the financial sector to identify how community financial institutions, such as credit unions, community banks and CDFIs can finance solar installations in low-income communities and communities of color.
Climate
Building Community Resilience as Climate Change Costs Climb
BY JESSICA BATTISTO, DYVONNE BODY, MARISA CASELLAS-BARNES, CLAIRE KRAMER MILLS, DOMINIC RAMOS-RUIZ, EDISON REYES, BELICIA RODRIGUEZ & JAVIER SILVA | JUNE 3, 2021
The article explores three areas where the financial sector can play a role in climate adaptation and mitigation: Housing, infrastructure, and heat. Our team will be looking for practical pathways to protect past investments in communities and help neighborhoods prepare for a stormier future.
Climate
Climate and Communities: Voices from the Frontlines
EVENT | April 29, 2021
The New York Fed hosted a discussion about how communities facing climate-related risks are mitigating future risk and addressing issues of investment, equity, and green technology. Community development advocates and practitioners on the front lines of climate change shared promising strategies for climate resiliency and adaptation, how to engage with local stakeholders and community members, and critical next steps.
Climate
Financial Stability Implications of Climate Change
by Governor Lael Brainard | March 23, 2021
Remarks delivered at "Transform Tomorrow Today" Ceres 2021 Conference, Boston, Massachusetts (via webcast)
Climate
Working for Equitable and Resilient Recovery and Rebuilding in Puerto Rico
by Marion Mollegen McFadden, Enterprise Community Partners | January 25, 2021
The New York Fed hosted a roundtable discussion as part of Investment Connection in Puerto Rico, a program that matches financial institutions and other capital providers with nonprofit and community development organizations whose needs may qualify for credit under the Community Reinvestment Act.
Climate
The Financial System & Climate Change: A Regulatory Imperative (hosted by the Center for American Progress)
by Governor Lael Brainard | December 18, 2020
Remarks at "The Financial System & Climate Change: A Regulatory Imperative” hosted by the Center for American Progress Washington, D.C.
Climate
Federal Reserve Board announces it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a member
by The Federal Reserve System Board of Governors | December 15, 2020
The Federal Reserve Board announced that it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a member. By bringing together central banks and supervisory authorities from around the world, NGFS supports the exchange of ideas, research, and best practices on the development of environment and climate risk management for the financial sector.
Climate
Reducing Climate Risk for Low Income Communities
Event | November 19, 2020
The New York Fed’s Community Development unit works with community leaders to understanding community needs; and with capital providers to foster economic opportunities in underserved communities. Co-hosted by Climate Safe Lending Network, this event explored the intersection of climate change approaches in the financial sector, and the opportunities for community resilience and inclusion.
Climate
A Microprudential Perspective on the Financial Risks of Climate Change
by Kevin Stiroh | November 10, 2020
Remarks at the 2020 Climate Risk Symposium, Global Association of Risk Professionals (delivered via videoconference)
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