Work on the new properties will be started by March 2015 and completed by 2017.
The funding is part of the expanded £450m affordable housing guarantees scheme, which will support up to £3.5bn in government debt guarantees for house-building.
Deputy prime minister Nick Clegg said: “It is vital that we build more affordable homes in Britain. The affordable housing guarantees will help to increase supply, making sure good quality housing is available to hard working families across the country.”
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