Bedford has been awarded £850,000 to help regenerate parts of the town centre.
It is among 11 towns across the UK to receive new investment from the Heritage Lottery Fund, which has earmarked £14m for new schemes.
The money will be spent on preserving Bedford's High Street conservation area, refurbishing shop fronts and buildings.
It will also fund guided walks and archaeology events in the town.
Dave Hodgson, the mayor of Bedford Borough, said: "The extra money from the lottery fund will help us to restore the historic character of the High Street, while bringing further training opportunities and jobs to borough residents."
Each site that has been chosen to get new funding will have to submit a detailed application before receiving the cash.
Carole Souter, the chief executive of the fund, said: "This investment will help support local authorities and residents to transform their towns, making essential improvements and repairs that will encourage local businesses and visitors back into these historically vibrant areas."