The government has confirmed a £20m project to boost Heywood will carry on.
The scheme is part of the Long Term Plan for Towns Fund, a nationwide initiative announced in the Chancellor's Budget.
The scheme provides 55 towns across the country with a decade-long financial boost to invest in a "change plan".
The plan is decided by the Heywood Town Board, in consultation with the local public.
The government has announced the scheme will continue, fully funded, and will be restructured into a new "regeneration programme".
The strategic objectives for this are yet to be revealed.
Else Blundell, MP for Heywood and Middleton North, said: "Despite the black hole in the finances left by unfunded promises from the last government, I am delighted that Rachel Reeves has prioritised funding to Heywood and is supportive of local decision-making on where and how it is spent.
"Local businesses, the council and other organisations know best what we need here, and I’m looking forward to rolling up my sleeves and joining in."
There was initial concern that the fund might not have been financed.
These concerns arose as the government stated that several schemes, including the LTPT Fund, were promised by the previous government but lacked funding.
Brian Davies JP, chair of the Heywood Town Board, said: "This is welcome news and gives us confidence to rely on the funding and make our plans come to fruition.
"We have been working with local people to identify Heywood’s needs and how to make the largest impact by working together."
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