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Proposals Invited for €2 billion Development Fund

Proposals invited for development funt
10 July 2018
Est. Reading: 2 minutes

It’s time for construction companies to get those thinking caps on. Eoghan Murphy, Minister for Housing, Planning and Local Government, announced the details of a €2 billion Urban Regeneration and Development Fund (URDF).

The fund is part of ‘Project Ireland 2040’, the Government’s National Planning Framework and National Development Plan. Its aim is to drive regeneration in important and underutilised areas within Ireland’s cities, regional drivers and large towns.

Development Fund Purpose

The fund is one of four established under the National Development Plan 2018-2027. The Department of Housing, Planning and Local Government is responsible for implementing the fund. There’s €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 bid-based grant basis.

Proposal submissions must 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

Thinking of Applying?

In announcing the call for proposals, Minister Murphy urged applicants to submit projects in collaboration. The goal would be to make the 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’

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 Friday, 28th September 2018.

 

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