Community Assets: Finance
The question
To ask the Secretary of State for Housing, Communities and Local Government, what assessment her Department has made of the potential impact of the closing of the Community Ownership Fund on local assets that previously received funding.
Answered by Alex Norris
On 23 December 2024, we announced that the Community Ownership Fund (COF) is now closed and that there will be no further application windows. We took this difficult decision due to the challenging inheritance left by the previous government.
COF’s purpose is to bring assets that are at risk of closure into sustainable community ownership. Funding was awarded to projects to secure the long-term future of their local asset. Monies will continue to be paid to successful projects from previous windows in line with the conditions set out in their Grant Funding Agreement (GFA).
This Government remains committed to the communities’ sector and to community empowerment. The Devolution White Paper, which was published on 16 December 2024, set out plans which demonstrate our commitment. There will be further announcements relating to communities this year, including on the community ownership of assets.
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