Rehabilitation of War Damage by Way of Urban Renewal Bill

What does the bill do?

Under the law, the government may declare, within a limited period of time, a "rehabilitation and renewal area," based on a professional recommendation of an advisory team; this area may include buildings destroyed due to war damage, buildings that require significant rehabilitation, as well as empty lots and buildings that were not damaged at all, within the limit set in the law. In addition, the law sets a mechanism for selecting a rehabilitation developer under state supervision within a limited period of time, subject to the consent of a special majority of apartment owners, and allows apartment owners to choose between participating in the project and selling their rights for immediate monetary compensation based on an appraisal, plus incentives for those who act early. It is further set that the state will help finance the projects through the Compensation Fund, including providing financial backing for projects that are not "economically viable," and expedited licensing and planning procedures were set, along with priority for these procedures in the courts and professional bodies.