WordNet (r) 3.0 (2006):

urban renewal
    n 1: the clearing and rebuilding and redevelopment of urban
         slums

Moby Thesaurus II by Grady Ward, 1.0:

27 Moby Thesaurus words for "urban renewal":
   assembly-line housing, billeting, domiciliation, doss, face-lift,
   furbishment, hospitality, housing, housing bill,
   housing development, housing problem, living quarters, lodging,
   lodgment, lower-income housing, quartering, reconditioning,
   refreshment, refurbishment, renewal, renovation, retread,
   retreading, slum clearance, subdivision, tract,
   transient lodging