Israel: Millions allocated for urban renewal projects
Dec 25, 2023
Tel Aviv [Israel], December 25 (ANI/TPS): Israel's Government Authority for Urban Renewal announced the 3 entrepreneurial companies that won an economic feasibility completion grant to carry out urban renewal projects in 4 different complexes located in the city of Lod and in the Kiryat Moshe neighbourhood in Rehovot
The grants for these complexes total about 140 million Shekels ($38 million), of which 60 million Shekels (USD 16.2 million) benefit the complexes in Lod, and 80 million Shekels (USD 22 million) are for the complexes in the Kiryat Moshe neighbourhood in Rehovot.
The move is being carried out alongside a similar process that the government authority for urban renewal has initiated recently in cities on the periphery, near the border and with a high risk of earthquakes. In this context, in favour of subsidizing construction evacuation complexes in Ashkelon, the Authority published a call for grants to entrepreneurs with a budget of 110 million Shekels ( USD 30 million), out of the 600 million Shekels (USD 162 million) approved by the government for this purpose.
These are neighbourhoods characterized by low land values, so their renewal through eviction projects, in the absence of government aid, is not possible. This move is another step in the activation of the model of completing economic viability through a financial grant, and not through the physical allocation of complementary land as was the case in the past, after it was found that the new model enables the provision of government aid in an efficient, accurate and faster manner, in relation to the allocation of land. (ANI/TPS)
