Project to receive backing from the fund include a community mosaic at Albert Barnes House in New Kent road, an educational programme in Nursery Row Park and a cycling awareness programme aimed at educating 250 school children run by The Onion Shed.
The Rockingham Estate Tenants' and Residents' Association will also receive support for its Young Volunteer Drive which aims to get young residents more actively involved in their community.
Southwark Playhouse will work with local schools to produce a performance and exhibition called 'Elephants Never Forget: Our Hall of Fame'.
A panel of six people assessed the applicants and reviewed each project in detail, considering the potential impact on the community. The panel included two local residents, one representative from Southwark Council, the chair of the Community Forum, who also chaired the panel meeting, plus two representatives from Lend Lease.
"We were thrilled with the level of interest in the fund and equally the quality and inspirational nature of the local projects," said Rob Deck, Lend Lease's project director for Elephant and Castle.
"We are committed to regenerating Elephant & Castle in partnership with Southwark Council and we are keen to support the empowerment of local groups and projects.
"Our aspiration for the Elephant & Castle Community Fund is that it enables the community to come together to make positive changes to where they live and create new opportunities in the local area."
The London Community Foundation is also advising those applicants who were unsuccessful this time and providing them with feedback on other funding sources that might be appropriate.
Cllr Peter John, leader of Southwark Council, said: "The Elephant & Castle regeneration has local people at its heart and I'm delighted that these creative projects will be in place while the regeneration continues.
"We have guaranteed at least 25 per cent affordable housing at the Elephant & Castle but the regeneration is not just about building affordable homes and creating a vastly improved environment.
"Lend Lease and Southwark Council are also committed to increasing people's wellbeing and enjoyment of their local area, and building the economy for future generations. These projects will help to reinforce that commitment."
Lend Lease has restated its ambition to build up a £1 million fund during the redevelopment of the area to generate income to support community projects.
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