The funding amount is $1.3 billion and covers three aircraft for the Air Force and 19 aircraft for the Marines.
"Since Initial Operating Capability in 2007, V-22s have been answering the nation's call traveling into harm's way," a Navy official said.
"From combat operations in Iraq and Afghanistan to the recent disaster relief and humanitarian assistance in the Philippines, the V-22 continues to prove itself as a game-changing aircraft. Ospreys enable our Marine Corps and Air Force Special Operations to execute missions not possible with conventional aircraft."
The V-22 is a multi-mission, tilt rotor aircraft with both a vertical takeoff and landing and short takeoff and landing capability. It has a maximum speed of 316 miles per hour at sea level and a range of 879 miles. A total of 233 V-22 Ospreys are in operation.
The second-year funding comes under a multiyear funding procurement contract for the purchase of a total of 100 V-22s over the next five years.