The funding will also help to create jobs and boost the economy.
Each of Scotland's 32 local authorities will receive a share of the monies for affordable housing. The investment is part of the Government's £391m project, the Affordable Housing Supply Programme (AHSP) in 2015/16.
The remaining £91m will be managed centrally, with £30m earmarked for the Low Cost Initiative for First Time Buyers, £10m for the Home Owners Support Fund, and funding for increased subsidies to allow homes to be constructed to a greener standard.
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The remaining money will be used for other affordable housing project, such as those that promote innovation.
More than 6,000 affordable homes – of which 4,000 will be social homes – will be supported via Tuesday's announcement.
The additional funding follows the £27m which was added to the Scottish Government's 2014/15 allocation earlier this month, and brings its total four-year investment to more than £1bn.
Housing Minister Margaret Burgess said: "This is a substantial funding boost that will support house building across Scotland.
"We have listened to councils and housing associations and put in place a system of funding for housing which will provide greater certainty and allow councils to make plans for the future.
"Housing is and will remain a priority for this Government and we will continue to invest in new affordable homes. Despite the severe cuts to our budgets by the UK Government, this is a substantial funding boost that will support house building across Scotland.
"This funding keeps us on track to deliver more than 6000 affordable homes per year, of which 4000 will be social homes. But we must continue to work together to get the most from our resources and ensure that we deliver our vision that everyone should have a safe, warm home which they can afford."
(JP/IT)
