It will be used to set up a Community Land Trust for the area.
Other suggestions include extending rural community land buy-out rights to large towns and cities.
Representatives from Galson Estate - also in community ownership - and Community Land Scotland attended.
Community Land Scotland has made the calls in its submission to an independent review of land reform.
BBC: Community Land Scotland submission to land reform review
David Cameron, of Community Land Scotland, said the campaign was an interesting development.
"I believe that Community Land Trusts can complement our other initiatives, " he said.
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We have always thought that four things were needed to be in place for community land ownership to really happen.
Community Land Scotland represents community groups that collectively own about 500, 000 acres of land, which is home to 20, 000 people.
BBC: Community Land Scotland submission to land reform review
Community land owners manage about 500, 000 acres (202, 343 ha) of land that is home to 20, 000 people, according to Community Land Scotland.
New crofts will help to tackle historic population decline on the Western Isles, the chairman of a community land trust has said.
Chairman David Cameron said Community Land Scotland's proposals were "radical and responsible".
BBC: Community Land Scotland submission to land reform review
The Free Church of Scotland, Community Land Scotland, Liberal Democrat MP Charles Kennedy and SNP MSP Dave Thompson have welcomed the government's decision.
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Community Land Scotland campaigned for the creation of the new fund.
Several countries have introduced or amended laws to strengthen community land rights - including Angola, Cameroon, the Democratic Republic of Congo, Gambia, Mali, Mozambique, Niger, Sudan and Tanzania.
In 2008, a number of people in the Rock area helped build their homes on land donated by a farmer in a project run by the St Minver Community Land Trust.
Mr Cameron, who lives on community-owned land on North Harris, believes the landscape of ownership is changing.
Community ownership of land has been a hot topic in recent weeks.
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To take from Paula Jones and telescope it upwards to every to community and every courthouse and every state and every community in our land.
Community body Gloucestershire Land for People will manage half the homes.
Senator Mark Udall spoke about the need to invest in community college, land grant, and state University STEM programs, which are training students to be part of the future and current clean energy economy.
Also when a individual or corporation does not reinvest anything back into the community for which the land or water trust was held for by the governing body.
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Horrified that their beloved wilderness was being clear-cut at a rate of 60 acres a day, Horace and George worked with other members of the community to get the land set aside.
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In 2011, Scottish ministers approved a bid by the crofting community to take over the land.
The community is using their new land to grow bananas and sugar cane.
Rosemary Wright, from the Middleport Community Association, said the land had been an "eyesore" since the renewal scheme had been scrapped.
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More than 200 years after Thomas Jefferson exalted the yeoman farmer, barns remain symbols of hard work, community and reverence for the land.
"That's because an Indian without land is not an Indian, " says Mr Ortiz, recalling the years of paperwork needed to get the government to grant them land where his community is building El Eden-Cartagena settlement.
For all of his proximity to King Ferdinand and Queen Isabella, Abravanel had no idea that they were planning to expel the Jews and so was unable to either cancel the expulsion decree or to make preparations for the community to move to another land.
In recent years the Pashtun community in the city has grown, and they are seen as competition for land and jobs with the Urdu-speaking community.
But things that you saw that did have issues were basically these land deals and these community development districts.
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