They include schemes to revamp Newport and Bridgend centres, move people back into empty homes in Port Talbot and make properties in Pontypridd energy efficient.
Vacant flats above shops in Swansea will also be converted into homes and derelict sites in Merthyr Tydfil will be built on.
Schemes totalling £36m for north Wales were announced by ministers last week.
The funding is from the Welsh government's Vibrant and Viable Places initiative.
Housing and Regeneration Minister Carl Sargeant said he was "delighted" with the range of projects being supported.
"There are several excellent projects targeted at renovating empty properties, derelict buildings and empty shops, attracting more people to live in town centres and making the necessary improvements to existing housing stock," he said.
"I've also approved significant funding for a wide range of different projects, from a state of the art business facility in Pontypridd to an integrated transport hub in Port Talbot.
"Facilities like these, in conjunction with the new homes, will create jobs, improve links and breathe new life into town centre centres."

He is said to have retweeted his party's own exit poll before voting ended.
Bradford Council's returning officer made the report to police, according to BBC Radio Leeds.
Mr Galloway lost his seat to Labour candidate Naz Shah, who said his campaign "demeaned democracy".
It is against the law to discuss voting while polls are open, under section 66 of the Representation of the People's Act.
A spokesman for Mr Galloway told the BBC: "The returning officer is wasting police time. It's a storm in a thimble."
West Yorkshire Police said it would be reviewing the matter.
Mr Galloway snatched the traditionally held Labour seat in a by-election in 2012 with a majority of 10,140 votes.
It is not the first time he has hit the headlines over election laws - he was accused by Labour of making false statements about their candidate, Naseem Shah, in April.

The Italian, who won last month's Fifa elections to succeed Sepp Blatter, inaugurated the facility in the war-torn country's capital Juba.
He also attended the 2017 Africa Cup of Nations qualifier between South Sudan and Benin, which the away side won 2-1.
South Sudan played their first official friendly, against Uganda, in July 2012.
It was only in 2011 that organised football was first played in South Sudan, after the country gained its independence from Sudan.
South Sudan officials dressed Infantino in traditional robes and made him dance. Officials also produced a large cake to celebrate the Italian's 46th birthday.
After gaining independence from Sudan in 2011, South Sudan erupted into civil war in December 2013.
Infantino, who won last month's Fifa elections to succeed Sepp Blatter, is due to visit South American football confederation CONMEBOL from 28 to 29 March in Asuncion, the capital of Paraguay.
Projects worth £58m to regenerate areas across south Wales have been approved.
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Respect leader George Galloway has been reported to police for allegedly breaking election law.
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South Sudan Football Association's new office was opened by new Fifa president Gianni Infantino on Wednesday.