The Historic England funding has been secured to help restore dilapidated buildings on Brierley Hill High Street, in a bid to improve the appeal of the town to visitors.
Homes, shops, work and community spaces will benefit from the High Streets Heritage Action Zone (HSHAZ) programme.
Mike Wood, the Conservative MP for Dudley South, said: "This funding is such great news for Brierley Hill High Street. It will allow for neglected buildings to be restored in a way that preserves their heritage for future generations, at the same time as bringing them back into use for the 21st Century.
"I am so pleased to see this significant milestone for Brierley Hill, moving the town forward and ensuring it continues to get the attention it has so badly needed for so long."
Community campaigner Adam Davies, said: “This Heritage Action Zone funding is one of two multi-million pound bids that we have campaigned to win for our town. Although we are still awaiting the result of our second bid (to Future High Streets Fund), this announcement really is fantastic news. We’re aiming high for Brierley Hill, and that ambition is paying off."
Historic England will work with local partners to deliver the scheme. A total of 68 high streets have been awarded funding, including Wednesbury.