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06/07/2018

Major new urban regeneration fund opens for business in Ireland

Words: Roger Milne
Euros / Shutterstock_194311094

The Irish Government has launched its urban regeneration fund, which is designed to drive the rejuvenation of strategic and underused areas in Ireland’s five cities and largest towns.

In total, €100 million will be available for expenditure in 2019, with €550 million to be allocated up 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 per cent direct funding from other public and/or private sources;
  • involve a minimum bid of €2 million;
  • a catalyst for development that would not otherwise occur; and
  • likely to leverage significant further public and private sector investment.

Housing and planning minister Eoghan Murphy explained: “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 reimagining 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 now choose a better way to live and work and enjoy leisure time and go for real quality of life, making quality places rather than creating more commuting and urban sprawl.”

Image credit | Shutterstock

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