Housing minister Margaret Beckett today said 15 council areas in the region would share in the funds over the next two years in the hope it would help boost housing growth.
Ms Beckett said: "In these difficult economic times we must not lose sight of the long-term need to build more homes. Yet if the support for these new homes is not in place, their construction will be delayed when we need them most, hampering the economy's recovery.
"This means we need to be investing today in tomorrow's infrastructure, while allowing local authorities to decide their own local priorities for spending this money.”
New transport links, schools and town centre regenerations were listed as some of the possible destinations for the funds.
Under the plan, Cambridgeshire council will receive more than £28.7 million, Bedford over £16.2 million and Harlow and Stansted more than £14.2 million.
The scheme is one of the funding streams which will be managed on behalf of Government by the new Homes and Communities Agency.