Appleby is to receive £60,000 to kick start improvements to buildings in Boroughgate, Bongate and Bridge Street.
The money is part of English Heritage's national heritage regeneration scheme to help areas where the economy has declined.
The Westmorland Gazette broke the news to town mayor, Lance Thwaytes, who said the funding would be of great benefit to the market town.
"This is absolutely delightful news.
The money will help transform the local economy.
"While there are no plans for how the money will be spent, any improvements will obviously help to attract people to Appleby, which will help local shops and businesses in this part of Eden."
Chairman of England Heritage, Sir Neil Cossons, said: "We are delighted to announce this funding and are proud of the very real difference it will make."
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