Flood resilience packages will be delivered by the funding to further improve flood protection for communities and businesses.
The deal will help deliver 300 new homes through site infrastructure investment in Halifax town centre in Beech Hill and Cripplegate and City Fields, Wakefield
Investment will also go into land assembly and infrastructure which will accelerate the development of the Enterprise zone in Clifton, near Brighouse.
The Leader of Calderdale Council, Cllr Tim Swift, said: “This is a good settlement for Calderdale, we have had a lot of support from our colleagues in the City Region to secure money for some our key ambitions.
“There is great potential in development sites around Halifax, but the market needs a little help to get things moving and this award is a step in the right direction.
“Similarly there is a focus on progressing the Enterprise Zone at Clifton near Brighouse and that is also helpful.
“The funding for flood resilience packages is particularly welcome. As the worst hit borough in the Boxing Day floods, it’s essential that the specific funding for Calderdale is sufficient, and enables us to progress the work already being planned to support local flood affected homes and businesses.
“It’s also pleasing to see investment to support our continued drive to boost business and jobs right across Calderdale, supporting our ambition to be the best borough in the north.”