Grants are going to be made available to groups and organisations in the Levenmouth area this summer.
Councillors have agreed the process of awarding money from the £10 million Levenmouth Reconnected fund.
The programme will link a range of local initiatives - including the reintroduction of the Leven rail link and the Leven Programme - in an attempt to maximise the economic regeneration and social benefits they will bring to the area.
Community groups, social enterprises or businesses applying for a grant will need to show how their work will contribute to these aims and local priorities.
The application process will open in early summer.
Councillor David Ross, Fife Council co-leader and chair of the policy and co-ordination committee, said: "The Levenmouth Reconnected Programme is backed by £5m funding from the council and £5m from Transport Scotland. This represents a huge opportunity for Levenmouth and Mid Fife, and we won’t let it go to waste.
"Applicants will have to clearly demonstrate how they’ll use any funding awarded to create opportunities for local people that complement the rest of the work happening in the area. We’re looking for projects that unlock access to culture, leisure, training and employment options.
"Spending that will benefit people already living here and attract new business, investment and visitors from elsewhere."
Co-leader David Alexander said: "This programme is all about maximising the economic and social value of the new Levenmouth railway to the local area - developing initiatives and projects that build on the railway investment-led opportunity. So it’s right that the community are involved every step of the way.
"Local people on the task group, including community councillors and original rail campaigners, are engaging the wider community and encouraging participation. We’ve based the grant awards process and documents on the Fife Environment Trust model, which many local groups will already be familiar with.
"I’d urge everyone in the area to take an interest in the plans coming forward and get involved."