A total of 20 regeneration projects received funding of £1.25 million as part of a £5 million pot set aside for the Local Investment Fund.
Groups are to benefit from funding of between £15,000 and £250,000.
The cash has been earmarked to help areas across the city, with a further £490,000 allocated for the Shankill area.
Lord Mayor Gavin Robinson said the investment was a "significant milestone".
"We were conscious that many of our schemes were major city wide projects and we need to invest in smaller local schemes that would make a significant and direct difference to the lives of our ratepayers," he said.
"All the schemes that will receive funding today have been brought forward by council members – and hopefully will underline the importance of elected representatives delivering for their local communities."
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