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1.
the intentional torching of abandoned or undesirable properties or structures in the hood.
Tom: the crack house looks nasty yo.

Bill: I'll be doin some urban renewal tonight after your mom leaves.
av whiteboyinthehoodyo 21 maj 2009
 
2.
Noun:
The often difficult process of renewing the urban areas of a city to "renew them". Also the TeRm of rEnewing ones self bY making themselves look good through hard work and much time.
I went through urban renewal this morning before school.
av TKISLC 8 januari 2011