The go-ahead has been given for up to £20 million in regeneration funding for Barry.
In August, the UK Government suspended the decision-making process on the scheme in order to carry out a review.
But following the Budget on Wednesday, Vale Council says the funding - first announced last year - will now go ahead.
It will focus on regenerating the town centre, as well as tackling anti-social behaviour and improving connectivity.
Rob Thomas, chief executive of Vale Council, said: "Confirmation of this funding is welcomed. It comes at a time when the council itself is consulting on ambitious plans through the new corporate plan, which sets out a vision for the Vale of Glamorgan for the next five years."
"This gives us an excellent opportunity to invest in communities within Barry for the benefit of all residents."
Over the next ten years, the Barry Partnership - led by Admiral co-founder David Stevens - will get staggered payments of £2 million a year to put its own decade-long plan for the town into action.
Barry is one of 75 towns across the UK that will get funding from the programme - and locally, the aim is to work with both the UK and Welsh governments to accelerate delivery of the five key missions of the fund.
David Stevens said: "We’re excited about the opportunity to bring real change to Barry, investing in the people and places that make our town special."
"By working together with residents, businesses and community representatives we can create a brighter future that targets the root causes of deprivation and unlocks new potential."
Up until now, the Barry Partnership, which is managed by the county council, has only received money to help create a town board.
The UK Government is now expected to release funding for projects in the town, subject to business case approval.
Council leader Lis Burnett said: "This funding gives us the chance to address long-standing challenges. We look forward to working closely with our residents, businesses, and partners to build a future that Barry’s people can be proud of."
Vale Council says a revised prospectus for the programme will be released in due course, setting out new timelines and strategic objectives for the scheme in the Barry area, which is aiming to prioritise inclusivity.
It's separate to the £19.9 million of Levelling Up funding awarded by the former Conservative government last November, which will go towards transforming the waterfront at Barry Docks.
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