The cash will be the first fund from the newly merged lottery distributor, created from the New Opportunities Fund and the Community Fund (Funding, 10 March), which will be named and officially launched in June.
Of the 200m, 77million will be ring-fenced for the voluntary and community sector.
New Opportunities Fund senior policy adviser Helen Thorne said the consultation would be short to allow money to be released as soon as possible.
The involvement of children and young people in planning projects would be a "key requisite" she said, along with long-term sustainability.
"Its almost as if now we're not so hung up on what we fund, but rather in something young people want and are involved in developing and delivering," she added.
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