Tynwald has approved the Town and Village Centre Regeneration Scheme 2013.
Only two members of the court voted against the measure.
Minister for Economic Development, John Shimmin, told the court the original Town and Village Regeneration scheme of 2009 had been set up to provide grant assistance for the purpose of enhancing and regenerating town and village centres.
Since then two pilot projects have been delivered, a main project is underway and four more pilot projects will be started this year.
He added that now the scheme had been running for three years, the opportunity had been taken to make some amendments including a chance for recipients of financial assistance to use their own workforce.