Assets of Community Value
The Assets of Community Value (ACV) and Community Right to Bid (CRTB) is a function of the Localism Act 2011 that is administered by local authorities. It gives community groups the opportunity to nominate land or buildings in their area which they think are of community value, to be included on a list held by the relevant council.
If, once the asset has been listed, the asset is put up for sale, the community will be given the opportunity to purchase it, through Community Right to Bid.
The right does apply to privately held assets as well as those owned by the council. The right does not force the asset owner to sell to any bidding community groups; sales are still controlled by market forces following the moratorium period.
Ultimately, the right is designed to allow community groups time to assemble a bid to preserve an asset that they consider vital to their community.
Further information on the right to bid and nomination process on the links below:
Last updated: 15/10/2021 12:07:28