Approximately £900,000 was granted to the project under the Department for Communities' Urban Development Grant Scheme (UDG).
This regeneration will see the development of three commercial units, three apartments and eight townhouses on Perry Street, which is currently in an extremely poor condition.
Announcing the funding, Communities Minister Deirdre Hargey said: "I am pleased that my Department has been able to provide over £900,000 of Urban Development Grant funding to regenerate Perry Street which is an important gateway into Dungannon town centre.
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"This project will bring back into full use a complete street of vacant, derelict and underutilised buildings which have blighted this part of Dungannon town centre for many years."
The project lies within a Conservation Area and there have been major issues in the past achieving such a scheme. The aim of the UDG scheme is to re-invigorate town centres, by encouraging private sector investment to bring vacant, derelict and underused land and buildings back into use. The new development will be taken forward by the current owners Castlehill Regeneration Group.
Minister Hargey added: "This project to regenerate Perry Street will promote commercial and residential opportunities within the town centre, addressing economic decline and creating employment opportunities, as well as encouraging town centre living, which I believe is key to sustainable regeneration in the future.
"This represents another important milestone in the overall regeneration of Dungannon and will substantially address the dereliction issue within the town."
