Minister Canney Welcomes New Towns and Cities Regeneration Investment Fund
Seán Canney TD, Minister of State for International and Road Transport, Logistics, Rail and Ports and Leader in Cabinet of the Independent Ministers, has welcomed the establishment of the new Towns and Cities Regeneration Investment Fund.
The new fund replaces the Urban Regeneration and Development Fund (URDF), which has supported 132 successful proposals comprising 438 individual projects since 2018.
A further €500 million has been allocated to 2030 under the updated National Development Plan to continue and expand regeneration investment in towns and cities.
Minister Canney said: “We have seen over recent years how regeneration funding can transform towns and city centres – bringing vacant buildings back into use, improving public spaces and supporting new homes and businesses.
This new fund builds on that success, but it also goes further – particularly for communities that need regeneration support the most.”
Under the new scheme, projects located in areas identified as ‘Disadvantaged’, ‘Very Disadvantaged’ or ‘Extremely Disadvantaged’ under the Pobal HP Deprivation Index will be eligible for up to 90% funding support, increased from the previous 75% cap.
Minister Canney added: “Increasing the funding threshold to 90% for disadvantaged areas is about fairness. It ensures those communities have a genuine opportunity to deliver ambitious, transformative projects.”
Eligibility will apply to towns with a population greater than 9,000 or at least 2,500 jobs, widening access slightly under the new criteria.
The first call for proposals will include two strands – one supporting planning and project pipeline development, and another focused on capital projects that are ready to move to delivery in the short to medium term. Initial capital projects under the first call will be eligible for funding of up to €7.5 million per proposal, rising to €9 million in the case of projects qualifying for the enhanced 90% support in disadvantaged areas.
Minister Canney concluded: “This fund is about backing strong, well-prepared projects that will have a real, visible impact – revitalising town centres, improving accessibility and making our towns and cities better places to live and work. I would encourage local authorities to bring forward ambitious proposals that are ready to progress.”
The first call for applications is expected to issue shortly, with a closing date of 1 May 2026.