West Bromwich, Rowley Regis and Smethwick were among 100 flagging towns chosen for investment as part of the New Towns Fund. Each selected town will be given up to £25m.
Bosses at Labour-run Sandwell Council said they were keen to spend the money on boosting the high street as well as parks and green spaces.
Councillor Wasim Ali, cabinet member for resources and core services, said: "We welcome the money but it does not make up for nine years of austerity and cuts to local government.
"We need to invest in our high streets, our parks, green spaces, the environment and trees so we are more eco-friendly."
The commitment was welcomed by James Morris, Conservative MP for Halesowen and Rowley Regis, who said: “This is fantastic news for Rowley Regis. This fund will unlock opportunities for transport, culture and technology so that our local high streets can thrive and adapt to new challenges. Local traders and residents have been campaigning for years for more investment in Rowley Regis and that’s exactly what we are delivering on."