(1) The Minister for Finance may, on the recommendation of the Minister for the Environment and Local Government (which recommendation shall take into consideration a Town Renewal Plan submitted by a local authority to that Minister in respect of an area identified by it), by order direct that -

(a) the area or areas described (being wholly located within the boundaries of the area to which the Town Renewal Plan relates) in the order shall be a qualifying area for the purposes of one or more sections of this Chapter or Chapter 11 of this Part,

(b) where such an area or areas is or are to be a qualifying area -

(i) for the purposes of section 372AC, that area or those areas shall be a qualifying area for the purposes of one or more of the following -

(I) the construction,

(II) the refurbishment, and

(III) the refurbishment of the facade,

of a building or structure to which that section applies,

(ii) for the purposes of section 372AD -

(I) one or more of the categories of building or structure mentioned in subsection (2) shall or shall not be a qualifying premises within the meaning of that section, and