Lambeth Council has launched a new Community Connections Fund that will use income from new developments to fund local projects in the borough.
The £4 million Community Connections Fund will support local groups, projects and good causes in the Neighbourhood Areas of North Lambeth, Waterloo, Brixton and Stockwell over the next three years.
A council report on the scheme notes that North Lambeth and Waterloo were chosen as target areas for the fund in recognition that these area "the areas where the community tensions arising from development are greatest due to the scale of growth experienced and forecast in coming years."
It will be funded through developers' payments into the Neighbourhood Community Infrastructure Levy (NCIL) and will be delivered in phases.
Lambeth Council leader Cllr Claire Holland said: "Lambeth continues to be an attractive destination for investment and new development.
"By using the financial contributions from developers, Lambeth Council can support projects that offer tangible benefits or improvements to their local communities.
"That could mean supporting projects aimed at improving community safety or projects that respond to the particular needs of each area, investing in resources, public spaces and activities that will support positive outcomes in those areas."
Proposals will need to show support within the community, demonstrate they address an existing local need, having clear local support, that they can benefit diverse communities, and represent value for money.
Cllr Holland added: "By working collaboratively with local groups, we can help improve the outcomes for people in these communities and stimulate sustainable growth where the benefits are felt by everyone.
"I hope that the Community Connections Fund help us achieve those goals by empowering local people and giving them the chance to be the leaders of lasting positive change in their communities."
Community groups, businesses and social enterprises can apply for the first round of funding- the deadline for expressions of interest is Wednesday 30 March.