It is expected the investment could deliver over 750 new council homes before 2017.
The development is part of a package of measures which the Council’s Executive Committee is putting up for consultation with tenants prior to setting its housing budget, and rent levels, for next year.
The Council says money will also be spent on other measures including bringing older council homes up to standard and preparing for the UK government’s Welfare Reform.
Councillors will now consult on a proposed average increase of £3.16 per week for the majority of households.
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Council tenants will be able to discuss the new measures at the annual Tenant Conference on 6 December as well as through a tenant’s survey which will be conducted through the Down Your Street newsletter this month.
The final decision on the proposals will be made in February.
Councillor David Ross, Executive Member for Housing, Communities and Local Services explained: "I believe these proposals are a fair deal for Council tenants, hold out new hope for those on housing waiting and transfer lists, and will be a major step towards tackling the housing crisis in Fife.
"The council is trying to tackle the lack of affordable rented accommodation as well as continue with other housing projects including maintaining and upgrading existing council houses. In addition to investment in new houses, our proposals earmark around £30m a year for improvements to existing Council houses, a total of almost £900m over the next 30 years.
"Now we want our tenants to make their views on the proposed rent increase known and I’d urge every tenant to look out for the Down Your Street newsletter which will be sent out this month and will give the chance to take part and let us know what they think about these proposals."
(IT)
