The Member for Oxley, Melinda Pavey, said the MCP was a key part of the NSW 2018 Budget and will enable each community to decide on the best projects.

"My Community Project gives you the chance to develop your great idea to revitalise or renew your community, whether that be through a community garden, a cultural fair, or a safe and inclusive playground," Mrs Pavey said.

"Through this program, locals can think about what their area needs and develop that idea with a project sponsor.

"Once we have the eligible project applications for each area, we will invite the community to get behind them by casting a vote online for the projects they like the most."

Funding of $24.4 million will be evenly split across NSW electorates and made available for projects valued between $20,000 and $200,000 that will make communities more liveable, cultural, accessible, safe, revitalised or healthy.

NSW Treasurer, Dominic Perrottet, said the pilot program is made possible by the NSW Generations Fund.

"The NSW Generations Fund is a sovereign fund that will be used to pay down debt, while also sharing the benefit of its returns with the people of NSW by providing funding to communities via local, citizen-led projects," Mr Perrottet said.

"Thanks to the NSW Government's strong financial management, we have the funds available to deliver projects that will make a real difference for communities across NSW."

If you have a bright idea, now is the time to get started:

Applicants and sponsors will be notified if their project progresses to the public vote.

To read the My Community Project guidelines, view a fact sheet or lodge an application, visit: www.nsw.gov.au/mycommunityproject