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.
Plans are under consideration to build over 200 houses in a sleepy Welsh village
Sanitary disposal bins introduced in men's public toilets following "Bins for Boys" campaign
Officers called to Dinas Powys Woods after young person enters the river
Three Reform candidates quit in Pen-y-Bont Bro Morgannwg constituency
Six events taking place in the Vale of Glamorgan this weekend
Vale Council signs off placemaking plan for Barry
Plans filed to use Blackweir Fields for a series of live events this summer
Plans filled for controversial housing development in Cowbridge
Cardiff Council pledges to work with new Welsh Government to tackle trouble-plagued hospital
Two local candidates stand down after revelations
RNLI issues Sully Island safety advice after first call out of the year to the Island
Morio Lounge on course to open at Nell's Point in May
Vale Council appoints specialist contractors to carry out road improvements
Three men jailed for their roles running a drugs line which supplied cocaine in Barry
Police appeal for witnesses after fatal Penarth Road collision
New Beach and country park facilities opened following major investement
RNLI centre at Barry Island welcomes lifeguards back to Whitmore Bay
Severn tidal lagoons progress
