The Executive Committee of PO CRESC Algarve 2020 approved, on the 30th of May, the application that allows the start of the operationalization of the IFRRU – Financial Instrument for Urban Rehabilitation and Revitalization.
With this approval, it will be possible to allocate money from the ERDF Community funds of the Operational Program in the amount of 7 million euros. To this amount will be added «national and European Investment Bank (EIB) funds that could leverage up to 10 times more investment in the field, if there is demand in conditions of maturity that justify it», stresses the CCDRA in a press release.
This Financial Instrument will support a set of private operations in areas such as the rehabilitation of buildings for housing, public use equipment, commerce and/or services and the rehabilitation of abandoned industrial areas included in Urban Regeneration Action Plans (PARU) approved, prepared by the Municipalities with eligible urban areas.
In the case of the Algarve, the 13 Urban Rehabilitation Action Plans (PARU) are already under analysis in Albufeira, Castro Marim, Faro, Lagoa, lakes, Loulé, look, Portimão, Quarteira, Sao Brás de Alportel, Silves, Tavira and Vila Real de Santo António.
In these 13 locations, a set of public and private operations is planned to be developed in the Urban Rehabilitation Areas (ARU), identified as priorities by the Municipalities. The decision on the assessment of these PARU should take place in "end of July".
The opening of the branch for the submission of applications to private individuals will also have to be preceded by a selection process of the financial intermediaries that will integrate the 2nd level of the Financial Instrument created, and this opening is expected to take place at the end of the current year.
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