Councillors have agreed that the Council should enter into a partnership with developer Hadden Construction Ltd to deliver the homes for mid market rent at The Glen in Coalsnaughton.
NHT is being led by the Scottish Government and Scottish Futures Trust (SFT) to expand the provision of affordable rented homes across the country and boost the local economy.
It sees the SFT, developers and the local authority enter into a joint venture to purchase newly-built homes and make them available for rent at 'mid-market' rates for up to 10 years.
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Council leader Gary Womersley said: "In these challenging financial times, this initiative opens the doors to build more affordable housing in Clackmannanshire and complements our plans for new build council housing. By working with the private sector, we can tackle the chronic shortage of affordable rented housing in our area, while also giving a boost to the local economy, particularly the construction industry."
Barry White, chief executive of the SFT, said the scheme was protecting hundreds of construction jobs.
He said: "SFT is working with councils the length and breadth of Scotland to build more than 600 affordable homes for rent - if it had not been for the NHT programme, these homes would not have been built."
The Council will now work with the SFT and the developer to bring the transaction to financial close and to start development as soon as possible.
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