A four-year, NT$18.46 billion (US$595 million) urban renewal proposal was passed by the Cabinet-level Council for Economic Planning and Development Oct. 4, paving the way for thousands of old buildings to be either revamped or torn down and rebuilt completely.
According to the proposal, submitted by the Ministry of the Interior, the government will provide subsidies of up to 45 percent on a wide assortment of reconstruction and rebuilding projects both public and private.
The funding will be used to resurface 100 private residential units, build 4,000 new housing units, and provide low interest loans to help owners of around 20,000 old housing units tear down and rebuild their homes.
A portion of the allotted budget will also be used to pay for public housing projects, including preliminary planning fees on 50 urban renewal projects.
According to the CEPD, the construction industry in Taiwan makes up a much smaller share of the domestic economy than it does in other industrialized nations. This ought to be changed, as the construction sector can play a leading role in promoting economic growth. The MOI proposal will help change the present state of affairs, the CEPD noted.
“Urban renewal projects can help promote the construction business, redevelop residential areas and help other local businesses,” the CEPD stressed. “The quality of life in the nation’s cities will also be improved as a result of the bill.”
The bill encourages homeowners to take the initiative in urban renewal projects, according to the CEPD. “In the past, construction firms usually had much more information on urban renewals than homeowners, who often had no say in rebuilding projects,” an unnamed MOI official said. “We hope this initiative will encourage residents to play a more prominent role in future urban renewal projects.”
The four-year plan will be implemented between 2011 and 2014, the CEPD noted.
