It will provide grants of between £1m and £10m for a wide range of community-supported projects, including creating green spaces and cycling infrastructure, redesigning junctions and widening of walking routes.
The funding will support schemes that have local support and will reduce car trips, improving residents' health and local air quality.
Boroughs can submit bids at any time. However, submissions for each financial year will close in October with announcements of the successful bids made each December. This year's deadline is 20 October 2017.
The programme is in line with the Mayor's draft Transport Strategy, which sets out a long-term ambition to transform the Capital's transport network and deliver a fairer, greener, healthier and more prosperous city for all Londoners.