The £150 million Community Ownership Fund (COF) is for communities across the United Kingdom. It has been set up to help communities take ownership of assets and amenities at risk of closure, such as pubs, theatres and parks. It will run for 4 years. Charities can bid for grants of up to £50,000 in revenue funding, and the government will match-fund up to £250,000 in capital costs.
The COF's four strategic objectives are:
- To provide targeted investment for communities to save and sustain community assets that would otherwise be lost to community use
- To strengthen capacity and capability in communities, supporting them to shape their places and develop sustainable community businesses
- To empower communities in left behind places to level up
- To strengthen direct links between places across the UK and the UK Government
Applications will be accepted from voluntary and community organisations. To be eligible for funding, applicants must demonstrate that the community asset they want to save fulfils the following criteria:
- There is a risk of loss without community intervention
- Can be run viably and sustainably
- Requires essential renovations to be sustainable for the long-term benefit of the community
The fund will support a range of community ownership proposals. For example, projects may include:
- sporting and leisure facilities
- cinemas and theatres
- music venues
- museums
- galleries
- parks
- pubs
- post office buildings
- shops
Funding may support the purchase and/or renovation costs of community assets and amenities, subject to the full eligibility criteria outlined on their prospectus.
Voluntary and community organisations can bid for matchfunding.
Round 3 Window 1 of applications will open on 31 May 2023 and will close at 11.59am on 12 July 2023.
The Fund will run until 2024/25 and there will be at least 8 bidding rounds in total.