The proposals will provide homes to those on modest incomes but who are likely to be unable to afford private renting at current market rates, but who are also unlikely to be able to access social housing.
Aberdeenshire Council has said this will be achieved by establishing Liability Limited Partnership (LLP) between themselves and the Scottish Futures Trust (SFT).
Phase one of the scheme will see 160 units delivered over the next three years, with the first batch expected to be available from this summer.
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Details on how to apply will be announced by the local authority shortly.
Councillor Jim Gifford, Chair of the Policy and Resources Committee, said: "Council officers have worked with the Scottish Futures Trust to establish an affordable housing investment programme. After months of careful planning we can finally progress to provide much needed housing for people in Aberdeenshire.
"It will deliver up to 160 much needed Mid-Market Rental homes by 2017/18. In addition to meeting unmet housing need across Aberdeenshire, the programme would help to stimulate economic development and contribute to wider regeneration objectives."
Councillor Martin Kitts-Hayes, Vice Chair of the Policy and Resources Committee, added: "The development of mid-market rented housing will assist in ensuring adequate, affordable and attractive housing options for the pressured housing market.
"It should also assist in ensuring homes for future employees to the area which is critical for future economic development of Aberdeenshire. These proposals could result in a step change in housing supply, to the benefit of all stakeholders."
(JP/CD)
