The initiative is being made through the Housing Infrastructure Fund (HIF) and aims to help unlock 100,000 new homes in areas of high demand.
The funding will help boost vital schemes such as the building of roads, bridges, energy networks and other utilities. Local authorities across England are now being invited to come forward with proposals to 'help get homes built faster'.
Funding will also be available to help build new schools, healthcare centres and digital infrastructure to accommodate growing communities and alleviate pressure on public services.
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Once proposals have been approved, it is expected that local authorities would begin building the necessary infrastructure immediately and homes will follow quickly afterwards.
Communities Secretary Sajid Javid said: "To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time.
"By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most.
"The Housing Infrastructure Fund will also make sure we have better public services in place for local communities."
Home Builders Federation Planning Director Andrew Whitaker said: "Funding necessary infrastructure will give local authorities the opportunity to remove barriers to developments being delivered.
"Direct support for critical infrastructure will not only unlock more housing, it should also help to accelerate planned developments.
"Local authorities that plan for growth should be supported and that will, in turn, allow house builders to get on and deliver the homes our communities so desperately need."
(LM)
