Around £35 million of funding is being sought from Scottish Government in a consortium bid led by the local authority on behalf of itself and other social landlords in the area to add to the £55m to be provided by the bidders.
Falkirk Council is aiming to provide 562 homes (202 new build and 360 buybacks where former council homes are brought back into social ownership).
Over the past five years, the council has provided 338 new build properties and 243 buy back properties.
The homes will be a mix of housing types spread across Stenhousemuir, Denny, Falkirk, Grangemouth, Bo’ness, Whitecross, Tamfourhill, Dunipace and Dennyloanhead.
Councillor Gerry Goldie, spokesperson for housing, said: “Making new and affordable homes available locally is a big priority for us and this ambitious bid if successful will see nearly 800 properties available for social renting across the Falkirk area.
“Combining our resources with other social landlords ensures we can maximise the bid and get the most out of our application for local communities across the Falkirk area.
“We are already in negotiations with the Scottish Government to ensure we get the best deal for residents in the area and deliver housing where it is really needed.”
The other social landlords involved in the bid are Weslo Housing Management; Kingdom Housing Association and Link Housing Association who are aiming to provide a further 224 new home builds bring the total to 786 homes available.