This money was not in Gov. Gavin Newsom's May revision of the budget, which included several cuts.
Once received, this will bring the total state investment in downtown Fresno to $150 million.
The funding will help improve infrastructure, parking and affordable housing in downtown.
"Today is a good day for Fresno, and we can continue with momentum and progress in downtown Fresno to support our housing needs," says Fresno Mayor Jerry Dyer.
Work is already underway on a series of infrastructure projects throughout Downtown Fresno and Chinatown, which include replacing aging underground systems to prepare for future growth.