The 15-home scheme at Annandale Street was built by Westpoint Construction on behalf of Link Group.
The development, which contains a mix of mix of two studio flats and one/two-bedroom flats, has been built to 2010 Building Standards with with high levels of insulation and energy efficient boilers.
In addition, the Scottish Government provided £426,150 towards the development's cost.
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Speaking at the opening ceremony, Cllr Gavin Barrie said: "This latest development demonstrates our on-going commitment to provide much needed quality affordable homes across Edinburgh.
"We are very pleased to have worked with Link to deliver these high quality and energy efficient flats. Annandale Street is the first site to be completed following the Council's coalition pledge to deliver 20,000 affordable and low cost homes over the next ten years.
"It is part of a larger programme already delivering new affordable homes across the city in one of the most ambitious house building programmes in the UK."
Craig Sanderson, Chief Executive of Link Group said: "We are very pleased to have been supported by the Scottish Government and the City of Edinburgh Council to enable us to build these new, high quality homes in the centre of Edinburgh."
(LM)
