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The investment by the Homes and Communities Agency (HCA) will allow work to start on building 158 homes which are expected to be completed by March 2011 as the first phase of the Waterfront South scheme.
The homes are being built by local developer Jessup in partnership with Accord Housing Association.
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It is one of the biggest investments in the West Midlands announced in the HCA's Kickstart programme, which was set up to unblock stalled projects hit by the economic downturn.
Walsall Regeneration Company chief executive Dr Peter Cromar hailed the significant investment as a major vote of confidence in the town's renaissance and its ability to deliver a better future with new homes, jobs and business opportunities.
Dr Cromar said: "It is great news and a real sign that Walsall is changing for the better. These funds will enable this exciting scheme to get underway and deliver high quality accommodation on a key regeneration site between the New Art Gallery and the new Manor Hospital development.
"The vision at Waterfront is to create a new homes, business and leisure quarter, a place which will interest, for example, health professionals who want to live and work in Walsall."
(CD/KMcA)
