The Community Ownership Fund, Explained
Are you a community group, activator or leader in the UK with an amazing idea for a local building? Heard of the Community Ownership Fund but not sure exactly what it is or how to apply?
Here’s what you need to know:
What is the Community Ownership Fund (COF)?
The UK government is providing £150 million over 4 years to support community groups in England, Scotland, Wales and Northern Ireland to take ownership of assets and amenities at risk of being lost.
Why is the Community Ownership Fund important?
Despite rising levels of high street vacancy, many community business struggle to access and activate property.
The power of community ownership can be transformational. When buildings are used and owned by communities for the long term, entire high streets and town centres can be revitalised for local benefit.
For this to happen at scale, councils, asset owners, funders and community leaders need to work in partnership, to unlock multiple buildings for amazing ideas that benefit local people for the long term.
Funding streams like the Community Ownership Fund offer a vital leg up for socially-trading organisations (whether community groups or local entrepreneur and businesses) who lack the upfront capital needed to get inside buildings, to execute their ideas and start creating long-term local value and scale commercially.
Who is eligible for the Community Ownership Fund?
To apply for the Community Ownership Fund, you need to meet the following criteria:
The applicant is an incorporated voluntary and community organisation or a parish (or equivalent) council
Without community action, the asset in question is at risk of closure, sale or neglect
The asset will provide long-term community benefit and profits from the use of the asset will be reinvented back into the local community
Within 12 months of being offered funding, the asset will be community owned and the funding will be spent
An organisation who already owns the asset can apply for funding, if the asset would otherwise be at risk or lost by the community
See the full assessment criteria.
When is the deadline for applications?
The bidding window for the Community Ownership Fund Round 4, Window 1 is now open from 25 March 2024 to 10 April 2024. Window 2 will open in late May. There there will be additional bidding windows (approximately every 3 months) until March 2025.
If you’re interested in applying, you should submit an expressions of interest as soon as possible. If your expression of interest is successful, you will be invited by the Department for Levelling Up, Housing and Communities (DLUCH) to submit a full application within the next available bidding window.
What funding is available?
There are two types of funding available through the Community Ownership Fund:
Capital funding: Up to £250,000 towards purchasing or leasing an asset, and refurbishing it. In exceptional cases, and if the asset is at risk of being lost, up to £1 million is available.
Revenue funding: Up to £50,000 towards project development costs (e.g. staffing costs, running costs for Year 1, feasibility studies), which must be less than £50,000 or less than 20% of your capital funding request, whichever is smaller.
Revenue funding does not need to be matched, but capital funding must be matched by 20%. In exceptional cases, this requirement may be reduced to 10%.
How to apply for the Community Ownership Fund?
Familiarise yourself with the fund’s prospectus and webinar slides and recording
Complete an Expression of Interest form (you will receive a result within minutes)
If successful, you’ll be invited to submit a full application
Respond to any requests for additional information during the assessment period
All applicants will be notified of the outcome of their application. If unsuccessful, you’ll receive feedback.
Need more guidance? The official delivery partners for the Community Ownership Fund support programme (My Community) have put together a helpful list of FAQs about your application. an editable template and examples of successful Community Ownership Fund stories.
Share your success
Have experience applying for the Community Ownership Fund?
If you would like to share these experiences with Platform Places and others in our network (positive or otherwise) then please get in touch.
Seek advice
Thinking about applying for the Community Ownership Fund?
If you would like to hear from others on the same journey or who have had success, we can try to connect you with organisations in the Platform Places network. Get in touch.
