Renfrewshire Council agreed to invest the sum in a housing-led regeneration and renewal programme to deliver modern, high-quality, energy-efficient, affordable council housing.
Members of the council's Communities, Housing and Planning Board today gave the green light for officers to roll out a detailed consultation over the months ahead.
Residents and owners in eight areas will now be invited to give their views on the plans - which include investment in existing properties and outdoor areas, as well as new-build housing.
The eight areas in the first phase of the programme are: Auchentorlie Quadrant, Howard Street, Waverley Road, Thrushcraigs, Springbank Road and the Broomlands area all, Paisley; as well as the Moorpark area in Renfrew and the Howwood Road area in Johnstone.
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The proposals were created following a detailed assessment of the council's existing housing stock and aim to improve buildings and external areas such as closes, back courts and bin stores, and to bring down energy bills by making homes more energy-efficient.
The proposals could involve the demolition of buildings in four of the areas, with plans being developed for around 300 new-build council homes in their place.
Residents and owners in the properties identified in the proposals have already received a letter from the council to make them aware, and further communication will follow next week with details of how they can get involved in the consultation.
Councillor Marie McGurk, convener of the Communities, Housing and Planning Board, said: "This planned investment could deliver a transformation - not just of the quality of council housing in Renfrewshire, but of the wider environment around them.
"We know improving the quality of housing improves people's quality of life, health and well-being and this will do that, while also making council estates and services easier to manage and maintain.
"It will also be central to the area's economic and social recovery from the pandemic - by creating construction jobs for local residents and traders - while promoting Renfrewshire as a great place to live.
"We would stress that at this stage, all we are putting forward are proposals - if approved, council staff will be in touch with all residents and owners to get their views on the plans and to make sure all voices are heard before any final decisions are made.
"That conversation will be about more than housing - it will take in what residents want from the future of their areas, so I would encourage everyone affected to take part."
