The Innovation and Investment Fund amounts to £111 million and is open to applications from housing associations, local authorities and private sector builders across Scotland to build new homes.
The ACHA's proposed scheme to build eight new homes on a site at Scott Terrace, in Dalmally, was approved in the recent appraisal process.
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The association will receive £390,000 of grant towards building the new homes and it expects to start work on site in March 2012.
ACHA's Chief Executive, Alastair MacGregor, said: "We are delighted to have been successful with our application to the Scottish Government. I don't believe there has been an affordable home for rent built in Dalmally for a generation. This will allow the association to meet housing needs in rural Argyll and be part of much wider community regeneration and sustainability.
"Following on from the modernisation of the Auction Mart and the building of the new community hall this is really good news on the housing front for Dalmally."
(JG/BMcC)
