Milltown and Valentia have each been allocated around €50,000 in Town Centre First funding.
The funding is part of a nationwide allocation targeted at helping local authorities to create a pipeline of significant, well-developed projects in areas across Ireland.
Milltown is to receive €49,950 to reimage the heritage quarter and civic centre; the funding will support detailed design, planning and assessments to advance the proposal to construction.
Valentia is to receive €50,000 to assess the rejuvenation of the disused coast guard houses, investigating the condition of the structures, cost of rejuvenation, and suitability for housing.
The funding allocations have been welcomed by Minister for Education and Kerry Fianna Fáil TD Norma Foley.