A £750,000 grant to pay for the full restoration of Darwen Tower and finance three other projects in the Lancashire town has been approved.
The grant is part of the Darwen Town Deal and will see £250,000 go towards the tower's refurbishment.
Community fund-raising for the Grade II-listed structure led by the Rotary club had already raised £75,000.
The government grant also includes investment in three sports and leisure projects in Darwen.
Councillor Phil Riley, Blackburn with Darwen Council's lead member for regeneration, said: "For many residents in Darwen, the tower is a symbol of home and the moors have been busier than ever this summer."
Darwen MP Jake Berry said: "This is a once in a generation chance to make a real difference to our town."
Mr Berry raised the grant in the House of Commons earlier, the Local Democracy Reporting Service reports.
The funding was welcomed by Speaker Sir Lindsay Hoyle and Commons Leader Jacob Rees-Mogg, who said it was "great to hear that the towns fund has supported the imposing octagonal Darwen tower, which has stood over Lancashire for 122 years commemorating Queen Victoria's diamond jubilee."
The town deal grant will also improve AFC Darwen's Anchor Ground and upgrade the town's Junction 4 Skatepark.
It will also see the launch of a feasibility study for a new elite cricket academy at Darwen Vale.