The Town and Village Renewal Scheme provides funding for the development and enhancement of our rural towns and villages. Applications for funding are submitted through the Local Authorities. The scheme provides funding for 80% of the cost of the projects being delivered, with the remaining 20% provided by the Local Authority, local community and/or philanthropic donations.
Each Local Authority, in submitting applications under the Scheme, is required to confirm that the matching funding required to deliver the project is in place. All successful applications approved under the 2019 Scheme were approved on the basis that the 20% match funding was in place. I therefore have no plans to revisit that requirement at this time.
The 2020 Town and Village Renewal Scheme was adapted to reflect the significant challenges facing communities as a result of the COVID-19 pandemic. As an exceptional measure for 2020, the rate of grant aid was increased to a maximum of 90% of total project cost, with 10% match funding to be provided by the project.
The higher level of aid was introduced in recognition of the fact that for new projects this year, communities are faced with reduced capacity to fundraise, while there are also increased demands on the resources of Local Authorities in responding to COVID-19.