The development programme could see up to 10,000 new properties built on sites around rail stations in the coming years.
York, Taunton and Swindon councils have already came forward with proposals to lead the initiative and have identified railway sites that could be pooled to deliver housing and other locally-led regeneration.
Proposals include building new housing on land at York Central station which can support up to 2,500 homes. Around 100,000 m2 of office and commercial space could also be created, supporting 6,600 jobs.
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Regeneration at Taunton station could also increase commercial spaces and homes in an underused site on the edge of the town centre, while an area around Swindon station could boost housing by taking advantage of benefits brought by the Great Western Electrification Programme.
Communities Secretary Greg Clark said: "We're determined to fire up communities and back local business so they build much needed housing and create thousands of jobs. Rail stations are a hub of communities, connectivity and commerce and should be making the most of their unique potential to attract investment and opportunities.
"With record numbers of people travelling by train, it makes sense to bring people closer to stations and develop sites that have space for thousands of new homes and offices."
Transport Secretary Patrick McLoughlin added: "I'm pleased to see that exciting visions for regeneration at Swindon, Taunton and York are being developed, with the potential for hundreds of additional homes and new businesses.
"I look forward to seeing how Network Rail and the Homes and Communities Agency's excellent work on these projects develop."
(LM)
