Community Assets Fund

The Community Assets Fund (CAF) is a £30 million programme to transfer public buildings to local organisations which was first proposed in the government's 2006 pre-budget report.

Funded by the Office of the Third Sector (OTS) and delivered by the Big Lottery Fund the programme offers grants of between £150,000 and £1million to refurbish local authority buildings, ensuring they are appropriate for transfer to the third sector, up to £500,000 of revenue will also be made available for capacity building.

CAF aims to:

• Improve the physical infrastructure available to local communities. Upgrading run–down buildings will provide valuable new space and facilities – such as advice and activity centres, recreation facilities (which may include some outside space), meeting rooms and office space available to small community groups;
• Empower community–led third sector organisations to be innovative in responding to local needs, and enhance their capacity to tackle social disadvantage, transform lives and draw communities together;
• Enable third sector organisations to strengthen their place in local communities – not only through increased capacity but also through greater independence and the opportunity to run a financially sustainable asset;
• Benefit the wider community by raising the potential for job creation and further investment, and creating a focal point for local pride, confidence and cohesion.

In 2007 OTS led a 12-week consultation with key stakeholders on details of how the fund will operate. The Big Lottery Fund liaised with the DTA and others on the implementation of CAF which takes into account the findings of the Quirk review into community ownership and management of assets.

Applications for the fund were invited between September and November 2007. Expert, external advisors will inform the England Committee on its considerations and Big Lottery Fund will be writing to applicants with a decision by 31 March 2008.

Updated 1 February 2008