The much-needed affordable homes are due to be completed by late 2012.
With increasing concerns over funding however, the housing society fears it will no longer be able to provide affordable homes in such numbers again.
The new development at Westercraigs will consist of 42 houses and Albyn will offer low-cost sale for ten properties under the Shared Equity Scheme, with the remaining 32 available for rent.
The Shared Equity Scheme will offer residents the opportunity of buying up to 80 per cent equity in their property.
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Applicants have welcomed the scheme, which targets priority groups including first time buyers.
Chief Executive of Albyn Housing Society, Calum Macaulay, said: "We are delighted building has begun on a development of this size, particularly in a time where the future of affordable housing is unclear. Funding provision is worryingly low but as one of the larger housing associations, we are doing our best to keep up with the increasing demand.
"This development has been possible due to our partnership with the Robertson Group, the Highland Council and the Highland Housing Alliance. Working together in this way has allowed us to fund an important new site in Inverness at a time when securing funding for the initial infrastructure investment is a serious constraint against much-needed new development."
Managing Director of Robertson Homes, John Murphy, said the company was delighted with its partnership with the Albyn Housing Society, the Highland Council and the Highland Housing Alliance.
He commented: "The location of these homes will be fantastic - offering a great vantage point for the surrounding area, with the added bonus of close proximity to the city centre."
The project is part funded by a £2.8m Housing Association Grant provided by the Scottish Government.
(JG)
