Do you want to save a building or space at risk of loss to the community? The Community Ownership Fund (COF) offers up to £2 million capital to purchase or lease a local asset or to help pay for essential renovations. Most applications are expected to be up to £250,000.
When we talk about a community asset or space we mean buildings or land which are used for the well-being or social interest of the local community. These include green spaces, libraries, cultural spaces, leisure facilities, community centres, pubs and more.
Community ownership gives local people control over the buildings and spaces that have significance to them and that these spaces are used in ways that meet the priorities and needs of the local community.
Capital funding
You can apply for up to £250,000 to purchase or lease an asset and pay for refurbishment costs. In exceptional cases, up to £1m in funding is available from the COF for all asset types where the asset is at risk of being lost.
You are required to contribute 20% ‘match’ funding towards the total capital required. For example, if you want to purchase an asset of £1,250,000 you can bid for a £1,000,000 capital grant from the COF, but you must find the other £250,000 from other places.
In exceptional cases, where the project has been assessed as most in need by the development support provider, the match funding requirement can be reduced to 10%, and the COF will contribute the remaining 90%. For example, if you want to purchase an asset of £250,000 you can bid for a £225,000 capital grant from the COF and raise £25,000 yourself.
Revenue funding
Up to £50,000 is available to fund project development costs, such as feasibility studies, or running costs in the first year of operation, such as staffing costs. Revenue funding requests cannot be more than 20% of your capital funding request or £50,000, whichever is smaller.
Revenue funding does not need to be matched.
Eligibility
All projects must fulfil the following requirements:
- You are an incorporated voluntary and community organisation or a parish (or equivalent) council
- The asset is at risk without community involvement
- The asset will provide long-term community benefit
- You can ‘match’ fund your capital grant request
- The asset will come into community ownership within 12 months of being offered funding
- The COF-funded element of the project will be spent within 12 months of being offered
The next window for full applications opens on 6 December 2023 and will close at 11.59am (just before noon) on 31 January 2024.