More than £86m is to be spent on improving housing in Merseyside.
The project is part of a 15-year programme
Deputy Prime Minister John Prescott announced the scheme in a visit to the area on Monday.
It is aimed at revitalising a failing housing market which has seen house prices plummet and homes abandoned.
Areas of Liverpool, Sefton and the Wirral have been targeted for major refurbishment and slum clearance under a project called New Heartlands.
It aims to improve housing quality and seeks to tackle the low demand for homes in these areas.
The funding will:
clear more than 2,700 redundant and poor quality properties
refurbish, repair and upgrade 325 existing homes
build over 1,600 new homes
provide extra management measures to overcome low demand, such as teams of
neighbourhood wardens, for more than 97,000 homes.
Housing Minister Keith Hill said the funding was about "more than bricks and mortar".
He added: "These homes, which may be new build or renovated properties, need to be in
neighbourhoods which have the potential to thrive, with parks, schools, busy
shopping areas, leisure facilities and job opportunities."
New Heartlands is one of nine areas, called Pathfinders, earmarked by the government to improve demand for housing in areas in the North of England where the stock is poor.
The four other North West Pathfinders are Salford, Rochdale, Oldham and East Lancashire.
John Glester, chair of New Heartlands, said he was delighted with the funding.
He said: "This is just the beginning of a 15 year programme to transform the region,
but we can only achieve this by working in partnership with stakeholders from
all sectors, including health, education, crime prevention and employment.
"This is a once-in-a-lifetime opportunity to revive housing markets,
regenerate deprived neighbourhoods and create sustainable communities for the
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