The cash will be used to pay homeless young people for taking part in community projects, such as mural painting, as well as for education and job-training programmes.
It portrays the work of American Artist Jane Golden, who has set up an arts programme in Philadelphia that is intended to direct the creativity of young delinquents in favour of their community by using an intensive curriculum that involves mural-making to engage youth and to teach transferable life and job skills.
"This is an area that was rocked by riots less than a year before this mural was painted, and for many in the community the painting has become a real symbol of local pride, " Wood Green Councillor Alan Strickland said.