Members of the community are urgently being asked to help choose projects which would benefit from annual grants.
Every year each ward in Waltham Forest is given £10,000 by the council to spend on local projects and the grant for Hale End and Highams Park in the next financial year must be allocated tonight.
There is £17,000 available as £7,000 was left over from last year.
Cllr Darshan Sunger said: "The meeting is imperitive in terms of where to spend this money.
"We are urging the local community to come forward with ideas and if we don't allocate this funding very soon, we will loose it forever."
The meeting will take place between 7pm to 9pm at Longshaw Primary School in Longshaw Road, Chingford.