An interdisciplinary team consisting of representatives from state government and academia has developed an innovative flood risk management plan which combines a large scale "non-structual" hazard mitigation plan with portions of a federally authorized plan previously developed by the Corps of Engineers. Separate elements of the federally authorized plan were considered for inclusion in the alternative plan based upon the estimates of each element's marginal benefit/cost ratio, potential environmental impacts, and level of consistency with current policy. The plan involves retrofitting approximately 1500 residential and non-residential structures in the 100 year flood plain and required development of a structure by structure floodproofing benifit/cost analysis computer program. At less that half the cost, the alternative plan achieves flood risk management goals in a significantly more cost effective manner for an environmentally sensitive area.