Housing and development funding options: That, to empower vulnerable people and communities to avoid significant impacts from flood as well as drive broader investment in adaptation, Government through NSWRA:
• consider establishing a NSW Mitigation Fund as a form of secured finance as a lien on title, such as rates-based or utility-based financing, to allow the Government to harness private sector monies to deliver cost-effective flood-resilient retrofits for existing dwellings
• investigate whether trading mechanisms for development rights, renegotiation with developers with existing rights, or uplift value capture to fund buy-outs could reduce existing and anticipated development in areas of greatest flood risks, with an initial focus on the Northern Rivers region and the Hawkesbury-Nepean. In doing so, Government should:
— ensure that tradeable rights facilitate the construction of additional homes in line with regional plans, in particular the Government’s six cities vision developed by the Greater Cities Commission
— fund voluntary property purchases in identified locations through the issuing of tradeable development rights
• work with the insurance industry to ensure that works are undertaken such that they would improve access to lower cost insurance products, improving upon existing guidelines from voluntary house raising schemes
• ensure that local delivery partners provide a seamless consumer experience in a cost-effective manner, whilst meeting community expectations for consumer protection and responsible lending
• consider how the NSW Mitigation Fund mechanism can address other adaptation and mitigation opportunities such as improving flood resilience for structures in areas of extreme risk and reducing emissions and bills whilst improving human health outcomes through energy efficient retrofits and home electrification.

Recommendation 23