Local people will be given control of the funding, which will be allocated in small grants to community organisations that work to benefit their neighbourhoods.
Although the money is not solely for projects working with young people, a spokesman for the Cabinet Office said the money could go to youth projects.
Ellie Rose, policy officer at the National Council for Voluntary Youth Organisations, said: "I don't think it is a massive amount of money, but the idea of channelling some funds in this way is laudable."
The Chancellor also announced that the Government's Futurebuilders programme, which gives loans and grants to third sector organisations delivering public services, is to be extended.
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