Councils in York, Taunton and Swindon have already identified railway sites suitable for development but the Government is calling on at least 20 others to take part in the scheme.
The initiative could deliver up to 10,000 properties on land around stations, which is predominantly owned by Network Rail.
Transport Secretary Patrick McLoughlin said: “We are delivering the biggest programme of rail improvements since the Victorians and have seen the transformation of Birmingham New Street, Manchester Victoria and London King’s Cross stations. “This will help deliver thousands of new homes and jobs and a substantial return to the taxpayer.”
The project is run by Network Rail and the Homes and Communities Agency. The Government launched the regeneration project following the transformation of sites in Birmingham, Manchester and London.
Communities Secretary Greg Clark said: “Railway stations are a hub of communities, connectivity and commerce and should be making the most of their unique potential to attract investment and opportunities.
“With record numbers using trains it makes sense to bring people closer to stations and develop sites with space for thousands of new homes and offices.”
Land at York Central station could support up to 2,500 homes and commercial space that could bring 6,600 jobs.
The area around Swindon station could be used for homes and commercial premises. Taunton station could provide a significant increase in commercial spaces and homes in an underused site on the edge of the town centre. Remodelling of the station and car park, supported by the Local Growth Fund would complement this development.