Elevate, the Housing Market Renewal Pathfinder for east Lancashire, has been given the go-ahead by Government to create a new economic development company under the emerging multi-area agreement blueprint.
The area, currently being re-branded Pennine Lancashire, will enjoy greater cooperation and spending flexibility between its seven councils.
Blackburn with Darwen council led the MAA discussions, with the help of Hyndburn, Ribble Valley, Burnley, Pendle, Rossendale and Lancashire County Councils.
The MAA enables pooling of funding streams and resources to tackle housing, transport, unemployment, education and economic development.
The new company will be formed next year out of Elevate. The seven councils will retain planning powers and appoint directors to the new company's board.