The money is being made available under the Peace 4 programme and is aimed at shared spaces and services for young people.
It is part of a larger tranche of about £240m which is due to be allocated before 2020.
The UK is set to leave the EU in 2019 but Chancellor Philip Hammond has guaranteed EU funding which is allocated before that date.
That guarantee has two conditions: projects must show they are good value for money and are in line with "domestic strategic priorities".
The shared spaces funding is aimed at creating up to eight new, civic spaces that can be used by all sections of the community.
Applicants must be able to demonstrate that their project will have a "transformative" effect, both locally and regionally.
Previous examples include the Peace Bridge in Londonderry and the Girdwood Community Hub in north Belfast.
The funding for youth projects will be targeted at young people who are disadvantaged and are at risk of becoming involved in anti-social behaviour or violence.
The scheme is open to projects in the border counties of the the Republic of Ireland as well as in Northern Ireland.
EU peace funds of more than £80m open for applications on Thursday.