Finance Minister Michael Noonan has just launched the Living City Initiative.
This is a new urban regeneration incentive which focuses on the regeneration of the historic centres of six cities: Cork, Dublin, Galway, Kilkenny, Limerick and Waterford. The Living City Initiative is a scheme of property tax reliefs which applies in certain “special regeneration areas”.
There are 2 types of relief in the Living City Initiative─
- An owner/occupier residential element
- A retail/ commercial element.
Commenting on the new initiative, Minister Noonan said:
The aim of the Living City incentive is to bring life back into the heart of these cities by offering tax relief for qualifying expenditure incurred on the refurbishment or conversion of certain buildings where conditions are met. This is a targeted initiative at areas which are most in need of attention. Planning for the scheme has included a thorough ex-ante cost benefit analysis, and recommendations from relevant agencies.
Information on the scheme, including how to apply for it, frequently asked questions, and a map of the special regeneration areas is available on www.finance.gov.ie/living-city-initiative