The council's Affordable Housing Supply Programme (AHSP) will help to deliver 743 homes towards the council's 3,500 'affordable' homes target by May 2017.
It will also contribute towards the People Make Glasgow Home initiative to facilitate 25,000 homes new private and 'affordable' houses by 2025.
It is understood the programme will generate an additional £73m in the construction sector, creating new jobs, apprenticeships and training places.
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Bailie Liz Cameron, Executive Member for Economic Development, said: "Glasgow City Council has given a commitment to build 3500 homes by 2017, and a total of 25,000 by 2025. The investment of almost £73m in 2015/16 takes us another step closer to those targets and will provide 743 new, good quality and sustainable homes across the city.
"This investment is also expected to make a significant contribution to the city's economy, generating a further £73m in the construction industry, bringing the potential for new jobs, apprenticeships and training opportunities.
"The creation of these new homes will also help us achieve our goals of building strong and resilience neighbourhoods and communities. They'll also help us meet our sustainability ambitions as the homes will have high energy efficiency, resulting in low carbon emissions and low running costs for residents."
(LM)
