The National Housing Trust (NHT) allows developers and Councils to jointly fund homes with local authority loans to the scheme being underwritten by the Scottish Government.
Homes will be available for rent below market value for five to 10 years before being sold, with tenants given priority to buy.
Over 600 homes have been approved so far generating an estimated £90 million in investment and safeguarding around 1,000 jobs, with further completions expected this spring.
The initiative has been expanded and a further round of contracts are expected following completion of the latest procurement round which is well underway.
Almost half of Scotland's 32 Councils are taking part in this second round and the Scottish Government is working with organisations to evolve the model further.
Housing Minister Keith Brown said: "This Government has championed NHT as an innovative way of financing construction projects built with very little taxpayers’ money.
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"The initiative is delivering hundreds of affordable rented homes across the country supporting jobs in the construction sector and wider economy.
"In Stirling, the success of round one demonstrates the willingness of developers and Councils to embrace the opportunities offered by this new approach.
"As the Westminster cuts to our capital budget begin to bite, schemes such as NHT are increasingly at the forefront of our drive for innovation."
Norman Yardley, managing director of Bett Homes, said: "We’re delighted to have delivered the first phase of homes under the NHT initiative at our popular Stirling Waterfront development.
"Working with the Scottish Government and Scottish Futures Trust has allowed Bett Homes to provide quality homes for rental in this established community and to support continuing employment in the construction industry and the local economy."
Stirling Council’s Housing Portfolio Holder Councillor Alasdair MacPherson, said: "Stirling Council is delighted see the completion of the first National Housing Trust (NHT) initiative in Stirling. The mid-market rental project has been successful and has demonstrated a demand for this type of property in our city.
"We are particularly pleased to have worked with Bett Homes to help keep construction jobs in the local area and to deliver high quality homes to meet the needs of the people of Stirling."
Barry White, chief executive of the Scottish Futures Trust (SFT), said: "Opening doors to new ways of investment thinking is at the core of SFT’s work.
"NHT is one such investment model that we are spearheading across the whole of Scotland which is getting homes built that wouldn’t have happened otherwise, and we are delighted to see the first homes built and fully occupied."
Jonathan Fair, chief executive of home building industry body Homes for Scotland, said: "With housing output levels still half that of 2007, it is heartening to see the first homes delivered under NHT in Stirling now completed and let.
"This clearly demonstrates the direct social and economic benefits arising from this innovative scheme, both for those looking for affordable housing to rent in the area and the companies building them."
(GK)
