The grant was announced Thursday by Rep. Bennie Thompson of the 2nd District and Sens. Thad Cochran and Trent Lott.
The DRA, created by Congress in 2000, funds economic development programs in Mississippi, Arkansas, Alabama, Illinois, Kentucky, Louisiana, Missouri and Tennessee.
Organizers of the B.B. King Museum plan a 15,000-square-foot facility at the site of an old brick cotton gin.
The Economic Development Administration will be providing an additional $1 million in funding to be used for this project, Thompson, Lott and Cochran said in a statement.
The state of Mississippi has provided $2 million for the project.