The plans propose demolishing 236 properties in Inverkeithing and replacing them with 189 energy efficient homes.
The application was submitted by 7N Architects for the Fraser Avenue/Gray Place Regeneration Project.
The new homes include a mixture of cottage flats, family houses and single storey cottages.
In addition, three retail units, a village green, play park and associated infrastructure will be developed.
The two areas of external space adjacent to Fraser Avenue will be redeveloped and can provide land for an additional 35 units.
Kingdom HA stated the move will help the regeneration project provide extra 'affordable' houses to meet a wider range of housing needs,
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A series of community consultation events helped form the planning application.
The Regeneration Project Team will now work towards submitting a second planning application for the first 53 homes in early 2016.
The council is currently moving residents on Fraser Avenue to free up the blocks for demolition, with homeowners either moving to new permanent accommodation out with the Avenue or temporary decant accommodation on the Avenue depending on their preference.
Councillor Judy Hamilton said: "I am delighted to have reached this stage in the project. I know that a lot of work has gone into the production of the planning application and would like to thank all of those involved, in particular, members of the local community who have come forward in numbers to give their view on what they want for the development."
Bill Banks, Chief Executive of Kingdom HA, added: "Lodging this application is a major milestone event and is the result of impressive work by all partners and the community to reach this stage. The proposals reflect the views expressed as part of the various consultation events and demonstrates what can be achieved."
Preparation demolition works will take place early in 2016, with on-site demolition works progressing over the summer.
Construction of the new houses is expected to begin towards the end of 2016, with overall completion scheduled for 2021.
(LM/MH)
