This move is part of a package of measures designed to enable private developers, housing associations and registered social landlords to increase provision of homes across Scotland.
Jonathan Fair, Chief Executive of representative body Homes for Scotland said: "Along with others, Homes for Scotland has been calling for the Government to act ever since the effects of the credit crunch were felt on the Scottish housing market. It is clear that they have listened and acted appropriately by adopting all of the significant measures Homes for Scotland has called for.
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"With 15,000 jobs already lost and new build starts in Scotland down by almost 50% in the last quarter, this is welcome news indeed.
"Reprioritising and bringing forward the housing investment programme, together with enabling RSLs to buy stock and land from the private sector ensures that the Government can provide additional affordable homes that Scotland so desperately needs and inject some activity back into the market."
Mr Fair continued: "The Scottish Government has demonstrated a willingness to address the devastating impact that the credit crunch has had on the housebuilding industry, and on the Scottish economy as a whole.
"It has recognised Scotland can not afford to lose any more construction jobs, shrinking building capacity or see further reductions in the largest source of private investment in community facilities, and is acting accordingly.
"Now it is time for Westminster and the Treasury to wake up to the UK-wide housing market crisis by dealing with the base issue of liquidity and take other universally accepted measures to restore consumer confidence."
(GK/NS)
