The town is one of more than 100 areas chosen to receive a share of £1bn from the Future High Streets Fund.
Empty shop units in Brierley Hill will be turned into new shops, offices and housing, under the regeneration plans.
The announcement was made as Robert Jenrick, the Secretary of State for Housing, Communities and Local Government, met with members of the community in Brierley Hill yesterday, alongside Dudley South MP Mike Wood and Dudley Council leader Patrick Harley.
Mr Wood said: “This initiative is fantastic and much needed. Brierley Hill has a very proud past.
“While we know the significant and very real challenges that the town faces, we know it has got incredible potential for a bright, successful and prosperous future.
“There is massive investment coming in to Brierley Hill - from the quarter-of-a-billion-pound government investment in the tram line to the new music institute and the DY5 Enterprise Zone.
“But really, town centres and particularly high streets are absolutely fundamental to local people’s identity.
“We want a vibrant, thriving high street in Brierley Hill. That will mean looking at what we can do to bring more people in to shop, to live, to work, so Brierley Hill is a place that people want to come to.
“And that is what will create the jobs, the prosperity and also bring the community together.”
Brierley Hill is the latest Black Country area to receive a slice of the funding - following in the footsteps of Wolverhampton and Walsall last month.
So far each successful applicant has received an initial £150,000 to put together a businesses case.
Then, each application will bid for much more funding, with a cash pot of between £2m and £25m available to each ...
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