In a time of fiscal austerity, crowdfunding is a way to keep momentum behind community projects as it allows the actual implementation of neighborhood ideas. The Greater London authority has set up a crowdfunding pilot programme to look at how the Mayor can pledge funding to citizen-led projects and contribute toward community-driven ideas for improving urban spaces.
“City officials have come to see crowdfunding as an important tool for what is essentially a new form of participatory budgeting. It’s a bottom-up democratic method for transforming the built environment that simultaneously fosters community engagement.”
The Peckham Coal Line urban park is an example of a successful project from an earlier round of the Authority’s crowdfunding programme. It will be an elevated urban park built on disused railway coal sidings to form a natural, physical and social link between two high streets.