The money, which is from the Big Lottery Fund's Growing Community Assets scheme, will see Burnfoot Community Futures start work to develop a community hub for the locals.
It is one of eight Scottish projects announced on Thursday to share in a funding package of £3.6m.
Commenting, Maureen McGinn, Big Lottery Fund Scotland Chair, said: "Our aim is to support people and communities in greatest need. In Burnfoot this community hub will provide a much needed focal point for local people to access community activities and services based around their needs.
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"Across Scotland eight groups today share £3.6 million. These groups have their community's needs at heart and with our support they now have projects that will make a change."
Richard Knight, Chairman of Burnfoot Community Futures, added: "The Community Hub will not only transform a local eyesore but aims to transform the lives of all residents in Burnfoot, and bring back vital services to the community.
"We really see the Hub as the start of a new beginning in Burnfoot, it will be a place run by the community for the community, offering a wide range of opportunities ranging from informal social gatherings to formal volunteering and work placements. Burnfoot residents have a lot to look forward to once the hub has been renovated and open for business."
The full grant for the community hub is £1,180,814.
(JP/IT)
