The money will be targeted at supporting a range of projects to promote integration and reconciliation, including regeneration scheme and community-focused construction projects.
Among the schemes approved for funding is the cost of developing the Shambles interface area in Armagh into a shared space.
Funding of £787,045 is being provided to Armagh City and District Council/Armagh Church Forum who will develop the site and deliver a programme of events that will promote the area and encourage cross-community interaction.
Manorcunningham Community Development Association will receive funding of £206,350 (€260,000) towards a community facility for social, recreational and educational activities.
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Lurgan YMCA will receive £700,000 to develop a new youth and community relations facility for young people on the interface area in Lurgan.
The funding will move the organisation from three sites to a single purpose built venue.
A social economy project will be integral to the development to help with generating income, according to fund bosses.
Fund Chairman Denis Rooney said: "This latest funding announcement is a clear demonstration of the Fund’s continued commitment to supporting the many ground breaking projects,
"Each of the projects we have approved for support today is focused, as we are, on continuing to build a sustainable and lasting peace in our society."
Other groups to benefit include Riverstown Enterprise Development (Sligo) Ltd and its partner in Northern Ireland, Brookborough & District Development Association who will receive up to €193,838 (£153,839) towards a joint cross-community and cross-border project designed to encourage good relations between the communities in the two areas.
Additional funds were also approved to Landmark East of £32,538 towards the development of a mixed use facility in Ballybeen; £39,631 to Cloona Oasis Business Centre towards the development of enterprise units in Poleglass, Lisburn and £33,637 to Coach House Regeneration Ltd towards workspace units in Darkley, Co. Armagh.
