The news comes as part of the draft budget for 2013/2014, with funding set to start this year.
Finance Secretary John Swinney said this would provide an immediate stimulus to the construction industry.
"In difficult economic times this Government is doing everything within its limited power to stimulate Scotland's economy, to invest in our young people, protect households, and support front line services," said Mr Swinney.
The announcement has been welcomed by The Scottish Federation of Housing Associations (SFHA).
"We are extremely pleased that (the budget) recognises the immediate economic and social benefits for Scotland in building more affordable homes," said SFHA chief executive Dr Mary Taylor.
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"We also welcome the Government's recognition of the benefits of focusing on construction investment.
"SFHA research shows housing association and co-operatives have a large number of 'shovel-ready' housing projects which have been ready to go onsite and awaiting of investment decisions, providing jobs and quality housing in diverse communities across Scotland. Many of these may now be able to go ahead," she said.
The Scottish Building Federation (SBF) also welcomed the draft budget, but have criticised Westminster for delaying action to reverse cuts to Scotland's capital budget.
"The additional boost the Cabinet Secretary has given to the capital budget today is hugely welcome," said SBF chief executive Michael Levack.
"Despite Mr. Swinney's efforts, Scotland still faces a cut in capital investment of around £5.5 billion or 24% over the period 2009/10 to 2014/15. The UK Government must do more to rectify this situation and demonstrate its own commitment to stimulating economic recovery."
A further, three-year £30m green investment package was also announced in this week’s budget, which is intended to help Scottish families improve energy efficiency, cut bills and tackle the nation’s fuel poverty problems.
(IT)
