The club, which changed its name from Total Network Solutions after the end of a sponsorship deal, is a merger of Oswestry Town and Llansantffraid.
Paul Thorogood, chief executive of the Football Foundation, said: "This award to The New Saints Football Club will be a boost to the area and the Shropshire FA deserves credit for its work on this project."
Work at Park Hall is due to be completed in May 2007.
TNS will begin their season with a Champions League qualifier in July.
The Champions League draw takes place on 23 June, with the first leg of the first qualifying round scheduled to be played on either 11 or 12 July.