Mr Eoghan Murphy T.D. Minister for Housing, Planning and Local Government today announced details of a €2 billion 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 such funds 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 €550 million allocated to the fund 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% direct funding from other public and/or private sources;
- A minimum bid of €2m;
- A catalyst for development that would not otherwise occur; and
- Likely to leverage significant further public and private sector investment.
In announcing the call for proposals under the URDF at today’s Third Housing Summit with Local Authority Chief Executives, Minister Murphy has urged eligible applicants to avail of the opportunity through collaboration and making best use of the skills and talent available to design creative and innovative proposals.
“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 now 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 creating more commuting and urban sprawl”
Minister Murphy will hold an information seminar on the fund in Portlaoise on July 9th and full details on the fund can be found at:www.gov.ie/urdf or www.npf.ie. The closing date for applications under this initial call is 12 midday on Friday, 28th September 2018.