The Department for Levelling Up, Housing and Communities have published a new prospectus detailing positive changes to the eligibility requirements of the Community Ownership programme.
These changes will allow more beloved assets to be saved across the UK and will come in from Round 3 onwards, with the full application portal opening on 31st May 2023.
A summary of the key changes to the eligibility requirements for the relaunch of the Fund include:
- Reducing the match funding requirement; where previously the Community Ownership Fund would contribute up to 50% of total capital funds required, it will now contribute up to 80% of the total capital funds required, with applicants required to raise the other 20% from other sources of funding. Projects in greatest need will only need to raise 10%;
- Increasing the amount of funding all projects can bid for from £250k to £1m and;
- Allowing parish councils (and their equivalent town and community councils) to apply in the same way that community groups do currently.
Please find media release here
Applications to bid for round 3 of funding through the Community Ownership Fund will open on 31st May. Further information can be found online here.
The prospectus is available online here.