Wales is set to receive at least £7.1m in the latest round of funding available for community asset transfers from the UK Government. The Department for Levelling Up, Housing and Communities has launched the third round of its £150m Community Ownership Fund (COF), raising the cap on available funding for each project from £250,000 to £1m to rescue community assets.
The purpose of community asset transfers is to save buildings at risk of becoming derelict or otherwise, with community groups using the funding to take ownership of local assets and repurpose them. The Department for Levelling Up says these will include sports clubs, music venues and other historic buildings.
For the first time, parish councils will also be able to apply to the third round of the £150m fund which has so far been restricted to charities and community groups. The requirement for match-funding is also being reduced to 10%, making it easier for communities to acquire assets without raising additional private funding.
