Developers are now being encouraged to submit bids to deliver the homes, with around 800 jobs, locally and nationally, being supported through the scheme.
The National Housing Trust initiative (NHT) allows developers and councils to jointly fund the purchase of newly-built homes, with local authority loans to the scheme being underwritten by the Scottish Government. The homes would be available for rent below market rates for five to 10 years before being sold, with tenants given priority to buy.
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Ms Burgess said: "I am delighted to announce this new round of NHT procurement, which could deliver up to 500 new affordable homes for rent in Edinburgh.
"Hundreds of NHT homes have already been delivered in the Capital, and I have been delighted to meet families who have benefited from having new, high quality homes that have met their needs.
"NHT continues to go from strength to strength and is well on track to deliver over 2,000 much needed new homes in communities across the country – all for very little taxpayers' money."
Councillor Cammy Day, Edinburgh Council's Housing Leader, added: "NHT has been a great success in Edinburgh with huge demand for these affordable homes.
"We have responded to this demand with this new round of NHT, which will enable new affordable rented homes to be built.
"A major part of the Council's Coalition commitment is to ensure that the city's residents are well housed and we will continue to work with partners to invest in affordable homes."
(JP/IT)
