Communities and businesses close to the HS2 high-speed rail link are to benefit from £30 million of government grants.
Community groups, charities, non-governmental organisations and business support organisations will be able to bid for the investment, which is expected to be rolled out when construction work begins in 2017.
The money could be used on a range of projects, such as the refurbishment of local community centres, nature conservation and measures to support local economies and employment.
Extensive plans are already in place to minimise the impacts of HS2's construction and operation, including compensation packages and assistance for local property owners.
Part of the new Community and Environment Fund will go to support small-scale projects, while the rest will be used to fund larger schemes that have third party or match funding.
The Business and Local Economy Fund will be used to support local economies affected by HS2, enabling firms to bring forward projects that will benefit these areas.