Birmingham, host of the 2022 Commonwealth Games, will receive £165 million ($215 million/€185 million) from the British Government to build their Athletes' Village, it was announced today.
The funding was announced at the Conservative Party Conference in the city by Communities Secretary James Brokenshire.
"In 2022 Birmingham will host the Commonwealth Games," he told delegates.
"It will provide the platform for this great city to shine on a global stage.
"The chance to drive economic potential.
"The chance to create a sense of pride - not just in this city but our country as a whole."
Brokenshire added: "That's why I'm proud today to announce the Government funding for the construction of the Athletes' Village.
"We will invest £165 million to help support 5,000 new homes, but just as importantly create a long lasting legacy for Birmingham and from the Commonwealth Games."
Once the Games are over, the new homes will be made available for general use.
As well as the accommodation itself, the money will also be used for transport improvements and a wider regeneration of the Perry Barr area where the Village will be built.
Construction is due to begin next year.
Last month, a damning report into the state of Birmingham City Council's budget warned it had used £116 million ($151 million/€131 million) from its reserves in the past two years.