A multi-million dollar bond will help the City of Hampton fight flooding through green projects.
On Thursday, the city along with the Chesapeake Bay Foundation and Quantified Ventures announced the closing of a $12 million bond.
The partnership started back in December 2018 to use environmental impact bonds (EIB) to finance green infrastructure, which is part of the city’s Resilient Hampton initiative to attract investors to support community projects.
Congressional representatives who were also present say these projects show how the federal, state, and local governments can work together.
“We know in Hampton Roads that sea-level rise is a quality of life issue but it also impacts businesses, travel, schools, our day-to-day activities,” said Congresswoman Elaine Luria, who also mentioned the threat it is to the military.
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