People will be able to buy their local pub under plans set to be announced in the budget this week.
The £150m 'community ownership fund' will also allow locals to take over endangered sports clubs, theatres, music venues and post office buildings.
The pot of cash, expected to be included in Rishi Sunak's budget, will become available this summer, with groups being encouraged to bid for up to £250,000 matched-funding.
In 'exceptional' circumstances applicants will be able to ask for up to £1m to save beloved local treasures, such as sports clubs or grounds, reports The Mirror.
The Chancellor said: "Pubs and sports clubs are the heart and soul of our local towns and villages – they’re the glue that keeps us together.
"This fund will help to ensure vital local institutions aren’t lost to those who treasure them most."
Emma McClarkin, chief executive of the British Beer & Pub Association, welcomed the announcement of the four-year fund.
She said: "We welcome this funding which recognises the vital role our pubs have played during the virus and should continue to play as the heart of our communities as we recover."
Mr Sunak will also announce £2.8m in cash for the UK and Ireland to bid to host the 2030 World Cup, with £25m extra for grassroots football. This is enough to build around 700 new pitches across the country.
In addition, the Chancellor is set to reveal £1.2m for the Women's Euros to go ahead in July 2022 - and £28m for the Queen's Jubilee celebrations in June 2022.
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