The fund was subsequently enshrined in the planning permission for the stadium where it was agreed that it would continue for the life of the stadium.
Over the past three-and-a-half years, the fund has invested slightly less than €400,000 in its first 100 projects.
The fund is administered by the stadium's Project Management Committee (PMC) which consists of two representatives, each of the stadium company, Dublin City Councillors, the local community and Dublin City Council executives.
The PMC is advised by an independent advisor who visits every project making an eligible application to the fund.
Full details of the fund can be found on the Aviva Stadium website where documentation and application forms can be downloaded.
The fund provides two series of grants in any given year. Applications can be made for consideration in the period January to June or July to September. Currently the first phase of the 2011 fund is available for applications.
"We work quite closely with the local residents associations and are fully committed to ensuring that the impact of events in the stadium is minimised. At the same time we do recognise that there is an impact.
"We felt that that impact should be recognised in some way and ultimately we felt that the best way to do this was to create a fund which could be accessed by the local community in support of community projects in the area immediately around the stadium.
"As can be seen in its relatively short life, the fund has attracted a great deal of interest. Perhaps indicative of the times we live in, each year has seen us receive an ever increasing number of applications for funding.
"The diversity of projects applying for funding is amazing. It has ranged from helping the local sea scouts put a new reserve boat on the river to the creation of a new play area for a local school.
"As might be expected, we get lots of applications from schools and sports clubs in particular. In the context of sport we have supported the employment of specialist coaches (to work with children); training equipment for local teams; street leagues and an intercultural training scheme."
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