The URC, also funded by the East of England Development Agency (EEDA), Norfolk and Suffolk County Councils, Great Yarmouth Borough Council and Waveney District Council, said it will receive £250,000 each year from the agency.
The body previously attracted less investment than all other URCs. Chairman Richard Wright said: "The news is a strong endorsement of the work that we have carried out so far. It brings our funding levels up to national benchmarks and ensures that we have a national voice."
The URC said it aims to attract private investment for its 15-year plan. This includes 3,900 homes, a park that runs on renewable energy and two bridges costing £270 million each.
The plan covers 45ha of land in Lowestoft, an area of 90ha in Great Yarmouth and a combined water frontage of 26km. Planning permission for the Oswald's Boat Yard redevelopment in Lowestoft is expected to be granted early next year.