What is Community Asset Transfer?
Local authorities are empowered to transfer the ownership of land and buildings to communities for less than their market value. This is known as ‘discounted asset transfer’ or ‘asset transfer’.
This shift in ownership of land and buildings from public bodies to communities is Localism in action, giving greater powers to:
- community and voluntary sector organisations
- community and social enterprises
- individuals looking to form a not-for-private-profit group to benefit their neighbourhood
Community asset transfer can help deliver a variety of benefits but, in short, it is a key way in which local authorities can support the development of a strong and vibrant civil society through improvements to an organisation’s sustainability.
History of community ownership
The community ownership and management of assets has a history going back hundreds of years, with land and buildings promising security, wealth creation and independence. A detailed history can be downloaded from Locality’s website. However, it is only in recent years that the momentum behind community asset transfer has gathered pace.
Support and advice
Find inspiring stories in the case studies section of the website. A £16m grants programme made available by DCLG through The Social Investment Business supports the community ownership and management of assets.
Still have questions?
We can give advice and discuss grants to support you on the journey from identifying an asset, building a business case to getting help from property professionals. Capital grants are also available for the purchase of assets.
And to find out more about raising finance for your enterprise contact the Community Shares Unit