I thank Deputy Butterly for her kind words and I look forward to working with her, as we already do on many issues.
The living cities initiative is a targeted measure which is aimed at specific areas in need of regeneration. It currently offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within special regeneration areas of Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.
The recent budget announced a number of enhancements to the living cities initiative to strengthen the scheme, with such changes included in the Finance Bill which has gone through this House and is now progressing through the Seanad. It was announced, much to the Deputy's delight and the delight of her constituents, I am sure, that the living cities initiative would be extended to five regional centres as set out in the national planning framework: Athlone, Drogheda, Dundalk, Letterkenny and Sligo.
The Finance Bill also creates a new category of relief which will apply to the part or full conversion of commercial premises, shops, buildings, etc., into residential premises. Importantly, the building age rule will not apply to such conversions. It is about trying to make it as easy as possible to get above the shop space or derelict commercial space back into use as well.
The specific cities and towns in which special regeneration areas may be located are not specified in primary legislation - they never are. The existing areas were designated following consultation with the relevant city councils and an independent review by a third-party adviser. Specific criteria were set down in respect of the areas which should be included within the remit of the living cities initiative which were required to be taken into account by the relevant councils when putting forward the proposed area for each city.
For the scheme to start to apply in the five new towns, including Dundalk and Drogheda, special regeneration areas in each town must first be identified and designated by statutory order made by me in accordance with powers already provided for in the Taxes Consolidation Act 1997. The designation of the new special regeneration areas will require careful planning and preparation in consultation with the relevant local authorities.
I intend to ensure that we write to the local authorities this week and ask them to return their draft maps by the end of January. I would expect the mapping process to be completed by the end of quarter 1, with applications to open by June at the latest. I hope this will be good news to people in Dundalk and Drogheda.