Community Assets Standing Tall
All local authorities are empowered to transfer the ownership of land and buildings to communities. This community asset transfer is also known as discounted asset transfer or simply just asset transfer.
Effectively the transfer sees a shift in ownership of community land and buildings from the traditional public bodies to their communities, granting more powers to:
- community and voluntary sector organisations
- community and social enterprises
- individuals looking to form a community group that is not for profit in order to bring extra benefit to their own neighbourhood
Community asset transfer is able to deliver any number of benefits but, it is a key way in which local authorities can support the development of a strong and vibrant civil society.
Community ownership of local assets is by no means a new thing, in fact its history extends backwards through the decades into centuries, with interest in community ownership now picking up pace again who knows what the future will hold.