Following a £35m increase to council allocations, the total amount to be invested this year has risen to £568m. Further increases will be made over the coming years, rising to £591m in 2019/20 and £640m in 2020/21.
Overall, the funding allocated for councils to deliver 'affordable' housing currently sits at £1.79 billion over three years.
Housing Minister Kevin Stewart said the investment will allow councils to plan homes with a guarantee of increased funding each year.
"Affordable housing is about more than just bricks and mortar – it provides safe, warm homes, helps create a fairer Scotland, and delivers great economic benefits," he said.
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"Statistics show we have delivered almost 72,500 affordable homes since 2007, and we are on track to deliver at least 50,000 over this Parliament, backed by over £3 billion. That is the single biggest investment in, and delivery of, affordable housing since devolution and I am determined to see it benefit all parts of Scotland.
"We will work in partnership with councils and housing associations to deliver quality homes to meet local needs. This investment backs up our ambitions with financial certainty, meaning councils can plan homes now, with a guarantee of increased funding each year."
Cllr Elena Whitham, COSLA Community Wellbeing Spokesperson, said: "Councils and our partners locally are working hard to deliver significant increases in affordable houses across Scotland this year. They recognise good quality affordable housing as the cornerstone of building strong and resilient communities.
"Good housing contributes to many outcomes local government is seeking to improve – ultimately creating a fairer and more equal society. The increase in funding for the affordable supply programme is welcomed. Also welcomed is the financial certainty up to 2020-21, which makes planning activity much easier. This is a good example of longer term financial planning."
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