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Social Development Minister Margaret Ritchie said the funding would go towards health projects, education and training for young people.
She said: "I believe our communities, particularly our most disadvantaged communities, deserve the best possible services to address the inequalities they face.
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"Even in the current recession, it is no longer good enough to talk about protecting jobs in the community and voluntary sector.
"My focus is squarely on service delivery; people working in community and voluntary organisations need to demonstrate that they also have that sense of purpose."
The Minister said she was determined to provide the leadership that was needed.
"The services that will be supported will be of enormous benefit to many people across the most disadvantaged communities right across Belfast.
"I will continue to invest in the very best targeted services in order to break the cycle of disadvantage," she said.
(PR/JM)
