The money is part of the 'Growth Point' initiative which will be used to enhance the city's housing market renewal areas. Improvements will include new housing, better transport and environmental improvements to aid economic growth.
Councillor Marilyn Fielding, Liverpool's Executive Member for Safer, Stronger Communities, said: "This is yet another success story for Liverpool City Council. The money will help deliver some of the city's key priorities. It will also help the city grow by developing quality transport.
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"It will help develop our local communities by creating new homes and improving the environment.
"It will also be used to help residents by increasing job opportunities, providing high quality housing and helping more people own their own homes through the council's pioneering Mortgage Deposit Scheme."
The Mersey Heartlands Partnership has received a funding allocation of £4.7million to be spent before 2011. Liverpool will receive £2.8million and Wirral £1.9million.
Part of Liverpool's allocation will be used to provide more affordable housing through a Mortgage Loan scheme to assist families who want to buy their own home but can't find an affordable mortgage in the current economic climate. This initiative will help local families become homeowners in their own community and provide a better mix of home ownership and rented housing in local communities.
(CD/KMcA)
