The organisation announced last week that it was to contribute £500,000 to the project through its building repair grant scheme.
The funds will help see the Category A-listed former health centre in Causeyside Street turned into offices under a £4.5m restoration project led by the local authority. Ownership of the building is set to transfer from the NHS to Renfrewshire Council, who will lead a project to turn it into modern office space by 2017.
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Proposals for the building would see it used as a skills and employment hub, bringing around 80 jobs to the area.
Welcoming the plans, Renfrewshire Council Leader Mark Macmillan said: "The Russell Institute is one of Paisley's most striking landmarks and a big part of the town's history.
"A lot of hard work has gone in to get the project to this stage and we are delighted our plans to bring it back into use are now coming together.
"The council recently announced ambitious plans to use Paisley's considerable heritage appeal to drive regeneration and tourism locally – and keeping buildings like the Russell in use complement that perfectly.
"Aside from that, this project will bring significant economic benefits, by creating new jobs and keeping existing ones in the town centre."
The project to restore the Russell Institute also includes the Paisley Development Trust – a local group of volunteers dedicated to the regeneration of the town.
(JP/MH)
