The money will be spent over three years and includes a grant of 150,000 from the Government's National Voluntary Youth Organisations scheme, as well as 75,000 from the Bridge House Trust and 45,000 from the Jack Petchey Foundation.
Initiatives will include a Young TimeBank "hotdesk" in the Waltham Forest Volunteer Centre, which will serve young people seeking advice on setting up their own projects.
The rest of the money will be used to fund projects in several London boroughs.
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