The four-year scheme, unveiled by the Scottish Government and the city council, plans to acquire up to 350 homes and bring them into the social rented sector.
The investment will build on the pilot South-West Govanhill Property Acquisition and Repair Programme. The initiative is targeting four blocks in which many of the flats had fallen into disrepair. So far, a total of 124 flats have been brought into housing association ownership, so that vital repairs can be carried out.
The Scottish Government will invest £20m towards the four-year scheme, while the council has pledged a further £14m which will see Govanhill Housing Association assume ownership of the homes in an effort to improve property management in the area.
Council Leader Frank McAveety said: "This is a huge investment package and demonstrates the council's long term commitment to Govanhill. The council has been working extremely hard alongside our partners to deliver lasting change to Govanhill.
"In our view transforming how the area's housing is managed is the foundation for a long-term improvement in Govanhill. The impact of council-inspired initiatives such as the Acquisition Programme and the Enhanced Enforcement Area is now being felt and we are seeing real signs of progress in Govanhill.
"This latest funding package builds on this progress and sets out a clear vision for the future of Govanhill. We see real potential in Govanhill and are willing to back this with the kind of investment that will make a real difference to the area."
Vice Chairperson of Govanhill HA, Annie Macfarlane, added: "This four-year funding commitment recognises the need for a longer-term approach to tackling the issues that exist in the area. Of the 124 housing association properties bought to date, over 60% are from private landlords. This reflects our successful efforts to take housing into the social rented sector, while also maintaining existing tenancies."
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