The development will be located on the site of the former Alva Academy.
Earlier this year, the local authority took steps to stimulate the local economy; this included marketing the development of the former Alva Academy site in Queen Street.
This resulted in developer Tigh Grian Limited buying the land from the Council, after securing £2.2m-worth of Scottish Government funding through the Greener Homes Innovation Scheme.
Tigh Grian Limited are keen to roll-out the environmentally innovative technology and construction methods in delivering a larger affordable social housing project in partnership with Link and Paragon Housing Associations in Alva.
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The development in Alva will consist of 16 one-bedroom cottage flats, 24 two-bedroom houses and eight three-bedroom houses.
Housing, Health and Care Convener, Councillor Les Sharp, said: "I'm delighted that this housing development has been given the go ahead. In the long term it will assist both the economic development and regeneration of the town of Alva and the wider area of Clackmannanshire.
"Our support for this development demonstrates our commitment to increasing the number of houses available for rent in our communities."
Enterprise and Environment Convener, Councillor Donald Balsillie, added: "I'm particularly pleased that these will be energy efficient, affordable housing, using modern methods of off site construction. As well as bringing additional funding into Clackmannanshire to provide an extra 48 social rented homes, it will help develop knowledge and experience to reduce fuel poverty and greenhouse gas emissions in the future."
The committee also heard that a footpath between Courthill and Duke Street is to be re-routed through the housing development, while the number of parking spaces provided is in excess of that required for low cost housing.
(JP/CD)
