Rating your Property's Climate Risk with the Enterprise Portfolio Protect Tool
Photo courtesy of Illya Azaroff
Millions of households and communities are exposed to natural hazards and related climate risks across the nation. Chronic hazards and extreme climate-related events- including storms and floods- pose a significant risk to residential buildings and homes. The recent sequence of superstorms and subsequent flooding events, fires and windstorms in major U.S. cities since 2017, which cost homeowners and jurisdictions billions of dollars in damage, serves as a tangible reminder.
Some households are more vulnerable than others because of surrounding economic realities and preparedness of their homes and community infrastructure. It is critical that owners and operators of affordable housing understand their exposure so they can determine their highest risk properties and protect the households living in their buildings from these risks.
To better protect their assets and continue providing services to low-and moderate-income communities, affordable housing owners and portfolio managers need to build their skill set in evaluating their portfolio to identify the most vulnerable properties, then in evaluating individual properties for specific risk and mitigation/adaptation strategies, and then in implementing relevant resilient solutions. Moving into a future of great volatility, the affordable housing real estate industry can expect to see changing climate conditions, extreme weather patterns and impacts to assets and homes that can impact buildings, business and financial viability as well as community wide services, affordable housing availability and tax base.
The Enterprise Portfolio Protect Tool was developed by Enterprise to help owners, operators, developers and residents of affordable housing across the nation understand which properties are at highest risk from flooding, fire, earthquakes, sea level rise, and landslides. The tool gives owners the ability to prioritize those properties for improvement or rehab.
It also offers users the ability to identify highest risk properties based on federal data sets, coupled with the social vulnerability index tool created by the CDC to acknowledge that households, buildings and communities have different vulnerabilities based on a variety of factors and circumstances. Given this scenario, more intensive and strategic investment needs to be made in households and buildings with more vulnerability – as demonstrated by the risk rating generated by the tool. The tool also offers recommendations and resources to help minimize potential harm to your property or properties and keep residents’ homes safe. Recommendations sourced from many Enterprise sources.
Using your climate risk “score,” you can begin to identify your buildings that are more vulnerable to changing climate and natural hazards and prioritize your rehabilitation schedule for those buildings to ensure they are protected from current and future risks. Given the nation’s affordable housing shortage, ensuring every unit of affordable housing is safeguarded against extreme natural hazards and emergencies is a fundamental step toward building equitable and resilient communities.
Enterprise will be hosting a training seminar on this tool in 2020 – stay tuned!
*Datum are updated on an ongoing basis based on federal agency update schedules. You can find the source data within every risk on the dashboard. Should you have clarifying questions about the data please contact Enterprise Community Partners.