The new Challenge Fund was announced by Housing Minister Kevin Stewart at the closing event of the Festival of Architecture in Edinburgh today, 28 September.
Mr Stewart said the initiative will "give people greater choice in how they live".
"The new Challenge Fund I am announcing today will also help those with ambitions to create their own homes, encouraging and supporting them to make bold decisions based on their needs and circumstances," he said.
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"Good quality, inspirational housing can have an impact on almost every aspect of our lives, it provides security and comfort and a place to raise our families. This fund will give people greater choice in how they live."
The new fund will be open for applications by the end of October.
In addition, the government has published new guidance on Build to Rent schemes, building on Scottish Planning Policy that sets out the role of planning in delivering good quality places and supporting the right development in the right place.
Mr Stewart continued: "Today we are also publishing new guidance on Building to Rent as a result of partnership with building industries. We want to encourage this growing sector which provides high-quality, professionally-managed homes and support our local authorities to deliver for communities across the country."
To view the Build to Rent guidance, visit here.
(LM)
