It is understood more than 1,000 new homes and 700 jobs will be created as a result of the project.
The announcement will also see almost £40m allocated to local authority areas across Scotland for the next three years to increase the number of affordable homes.
Deputy First Minister, Nicola Sturgeon has said the cash boost is in addition to the housing budget already allocated to the council from part of the Affordable Housing Supply Programme (AHSP).
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It is part of a total funding package across Scotland of an extra £40m for housing.
Commenting on the investment, First Minister Nicola Sturgeon said: "This funding is good news for Renfrewshire. Across Scotland it will deliver up to 1,000 affordable homes that meet people's needs, a central focus of our housing polices and a principle that underpins everything we do.
"It will help towards our ambition of delivering 20,000 social homes, including 5,000 council homes, as part of wider plans to deliver more than 30,000 affordable homes during this Parliamentary term. Quite simply, investing in new homes helps people into work by creating a jobs spin-off with the employment and training that takes place during construction."
The latest funding package brings the Scottish Government's budget for housing supply to almost £860m over three years. Renfrewshire Council will allocate the money to help meet the housing needs and deliver a wide range of employment opportunities for people in the town.
(JP)
