Fifty million pounds of investment is on the cards to improve the Princes Park area of Liverpool.

More than 3,000 old terraced homes are to be given a facelift alongside a huge environmental scheme to breathe new life into the area.

Liverpool City Council's Lib Dem executive board is being asked to declare the area, stretching from Park Road to Upper Parliament and Devonshire Road to Kingsley Road, as Princes Park Renewal Area, paving the way for the massive 10-year programme of improvement.

The proposals follow a report by independent consultants, Penningtons, who were chosen by local residents and the Council. They put the total cost of improvements at £54m, with £30m coming from the public purse.

It is anticipated that funding for the scheme will come from the government funded Housing Market Renewal Initiative (HMRI) - New Heartlands - with a contribution from Liverpool City Council's capital programme.

Liverpool's executive member for housing, Lib Dem Councillor Flo Clucas, said: "This is great news for people living in the Princes Park area. They will benefit from this massive programme of renewal.

"Almost a third of all properties in this area are likely to fail government decency standards and thanks to feedback from local people we know that they share the same aspirations of other residents in the city. They want worn out housing demolished, and they want to live in a home with a garden that is big enough to support a family. They want to live in a neighbourhood that is well-looked after, well managed and crime-free."

The Princes Park area has suffered from low levels of home ownership. Around 63 per cent of households have an income lower than £10,000 a year and only 25 per cent of residents are in full time employment.

In a recent survey many people said anti-social behaviour, vandalism and crime were serious problems in the area. Nearly 80 per said they wanted to see selective demolition as a priority.

A limited clearance programme will be undertaken in the Welsh Streets, with around 460 properties identified for potential demolition. They will all be replaced by high-quality new housing.

Residents affected by demolition will be offered re-housing locally and compensation. They will also be given specialist advice by a dedicated team of Home Ownership advisors. Current tenants could also get help to become home-owners.

No one will have to leave the neighbourhood unless they choose to do so.

Residents of the Welsh Streets worked alongside the council to come up with the regeneration proposals. A sample survey found 79 per cent of residents supported proposals for demolition of the worst property and a door-to-door survey found that 72 per cent of residents supported the idea of clearance and re-development of the Welsh Streets.

Several public meetings have taken place, plus an open day, residents' focus group meetings, an exhibition of the different options on offer, newsletters and a community feedback session.

While the work is taking place, the area will benefit from improved street cleaning, regular patrols to combat fly-tipping and graffiti and an increased police presence.

A residents' resource centre has been established on High Park Street to give local people a base in the heart of the renewal area.

The Picton area of Liverpool, which also faces many similar housing problems as the Princes Park area, is also set to be named a renewal area and will benefit from a similar long-term re-development plan.

A report recommended the approval of the Princes Park Renewal Area will go before the City Council's Executive Board on Friday 24 June. If approved work is expected to start later this year.