Micheál Martin (Cork South Central, Fianna Fail)
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1324. To ask the Minister for Housing, Planning, and Local Government if he will report on his announcement on 30 May 2018 regarding the urban regeneration and development fund. [25358/18]

Eoghan Murphy (Dublin Bay South, Fine Gael)
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On 30th May, An Taoiseach, along with myself and relevant Ministers, launched €4 billion in Project Ireland 2040 funds for rural development, urban regeneration, climate action and technological innovation, the details of which can be found online at the following link:

The announcement includes the establishment of a €2 billion fund for urban regeneration and development purposes, focusing on cities and towns in excess of 10,000 in population, complemented by a €1 billion fund for rural regeneration of smaller towns and villages, which is the responsibility of my colleague, the Minister for Rural and Community Development.

The €2 billion Urban Regeneration and Development Fund (URDF) will secure more compact, sustainable growth in Ireland’s five cities and other large urban centres. This funding, separate and in addition to normal sectoral funding streams, is designed to leverage a greater proportion of residential and commercial development, supported by infrastructure, services and amenities, within the existing built-up areas of our larger urban settlements.

The URDF will be a competitive, bid-based programme that will operate on a multi-annual basis over the period to 2027.

An outline of the approach that the Government intends to take in relation to the URDF along with other complementary National Development Plan (NDP) funds will be published shortly, with URDF bids for funding invited for an initial three-year period to 2021, with the scope for further bids in 2019 and subsequently over the lifetime of the NDP.