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€2bn regeneration fund will boost Project Ireland 2040

Jul 2018 General, Latest News | Comments Off on €2bn regeneration fund will boost Project Ireland 2040

Eoghan Murphy, TD Minister for Housing, Planning and Local Government, has announced details of a €2bn Urban Regeneration and Development Fund (URDF).

As a key part of Project Ireland 2040 – the Government’s National Planning Framework and National Development Plan – the fund is intended to drive regeneration and rejuvenation of strategic and underutilised areas within Ireland’s five cities, key regional drivers and other large towns.

The fund is one of four established under the National Development Plan 2018-2027 and the Department of Housing, Planning and Local Government (DHPLG) has responsibility for implementing the fund, which has €100m available for expenditure in 2019 and an overall allocation of €550m to the end of 2022.

The fund will operate on a competitive, bid-based Exchequer grant basis, with proposals being required to demonstrate that they will be:

  • Innovative and transformational urban regeneration projects
  • Public-sector led and with the option of community and/or private sector partners
  • Matched by at least 25% direct funding from other public and/or private sources
  • A minimum bid of €2m
  • A catalyst for development that would not otherwise occur
  • Likely to leverage significant further public and private sector investment.
  • Minister Murphy said: “This fund is about backing better and more coordinated planning for future generations in a way that meets the needs of our growing population and economy more sustainably, by re-imagining and turning around the all-too-frequent sight of empty or run-down or poorly utilised areas in the centres of our cities and larger towns.

    “With this fund, we can choose a better way to live and work and enjoy leisure time and go for real quality of life and make quality places rather than more commuting and urban sprawl.”