The amount available to disadvantaged communities in England through the government’s Community Wealth Fund has doubled to £175m.
The government previously announced its intention to use £87.5m from the Dormant Assets Scheme to fund the initiative, but this has now been matched by another £87.5m from the National Lottery.
Over the next 10 years, between £1m and £2.5m will be granted to “doubly disadvantaged” communities, those with the highest level of deprivation and the lowest levels of social infrastructure, in England.
Selected neighbourhoods of between 5,000 and 15,000 residents will then decide how the resources should be used.
‘Potential to shift the dial’
David Knott, chief executive of the National Lottery Community Fund, the delivery body for the fund, said: “This is about more than funding. It’s about creating the social infrastructure where it’s most needed and backing local people to shape their own future.
“I’m grateful to the communities and sector partners who’ve shared their insight, experience and challenge to help shape this work. We’re determined to do justice to their passion – and to help bring about real, lasting change.”
Civil society minister Stephanie Peacock said: “The Community Wealth Fund will provide resources needed to help people shape their own futures, break down barriers to opportunity and build safer communities for everyone.
“Launching the fund marks a significant milestone for the Dormant Assets Scheme which continues to unlock unclaimed money for public good, delivering on our Plan for Change.”
The minister for local growth, Miatta Fahnbulleh, said: “Putting money into the hands of local people and letting them call the shots will help communities transform their areas for the better.
“That is exactly what the Community Wealth Fund is all about – from funding more after-school clubs to helping make safer streets.”
Rachel Rowney, chief executive of Local Trust, said: “We are pleased that the principles we advocated for, including the importance of working at a hyperlocal level, where residents lead decisions over the long term on how resources are used, are central components of the response.
“We know this has the potential to shift the dial in the most disadvantaged neighbourhoods and we are hopeful that the Community Wealth Fund will help build vital social and economic capital, laying the foundations for lasting positive change in these areas.”
