Up to £38m will be delivered from the Young People's Fund 2. Grants of up to £5m are available for projects that address the needs of vulnerable young people across England and where young people are taking the lead in developing and running activities.
Projects will need to show they help achieve at least two of the five Every Child Matters outcomes.
The programme builds on the success of the Young People's Fund programme.
Sanjay Dighe, chair of the Big Lottery Fund's England committee, said feedback had shown the way the youth sector worked was changing for the better since young people were involved in projects.
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