The Club's Application outlined three main outcomes, namely transforming Park Avenue into a Community Hub; improving standards of football performance at all levels; and strengthening the Club as a sustainable business. Instillation of the facility is scheduled to take place between May and September 2015.
The project is linked to the development of 33 residential flats by Tai Ceredigion, on the Astroturf pitch the Club currently owns in the Southern Corner of the Stadium.
Club Chairman Tony Bates said: "We are delighted to have secured this significant funding boost from the FAW, especially considering the significant competition in this particular grant round.
We hope the receipt of this grant and the opportunities it opens up will prove to be a watershed moment for Aberystwtyth Town Football Club as a Community Oriented Business."