The development is be built at Lapwing Drive as part of the council's Affordable Housing Programme.
The announcement is the latest contribution towards the council's target of 2,700 new homes by 2017.
Councillor Judy Hamilton said: "The majority of the homes we're building will be for council rent with many of those allocated to existing Council tenants on the transfer list. However, we do recognise the need to deliver other types of affordable housing too and mid-market rent homes are an important part of that offering.
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"It's encouraging to see the good progress of the Affordable Housing Programme. This development, like the many others already built or under construction, is set to offer tenants safe, secure, energy efficient affordable homes."
Pauline Mills, Land and Planning Director for Taylor Wimpey East Scotland, added: "Today's event marks the start of construction of 24 one and two bedroom apartments.
"This is a great demonstration of the local authority working hand-in-hand with private residential developers to provide much needed housing of all tenures across the Fife area."
(LM/CD)
