The new program is called the Live Your Dream Grant and it will be offering a grand total of $20,000 in aid to help climbers achieve their goals. The grants will range in value from $200 to $1000 to assist in getting their expeditions off the ground. Keeping in mind that this program isn't meant to fund expeditions to the Himalaya, but instead encourage regular outdoor enthusiasts to push their own boundaries.
The application period is already open and will run through March 1. The application process varies slight depending on which region of the U.S. you are living in, so for complete details visit the official grant page.
If you have a personal project you'd like to see come to fruition, and could use a little cash to make it a reality, be sure to fill out the application. Who knows, perhaps the North Face and the AAC will help you out. Good luck!
Update: Just as a point of clarification, the Live Your Dream grant has been around for a couple of years, but this is the first year that the AAC has worked with the North Face on the project.