Cook County Board President Toni Preckwinkle announced the grant funding Tuesday.
The money is composed of community development grants, emergency shelter grants and Home Investments Partnerships Program funding.
The Bureau of Economic Development will distribute the money.
"For the first time, Cook County is looking at economic development throughout the region as a collaboration between departments, communities and municipalities," said Preckwinkle.
One focus of the grants is infrastructure for clean water and reduced flooding damage.
Another portion of the money will go toward creating affordable housing for low income households.