The funding is part of the Scottish government’s total investment of more than £3bn to deliver 50,000 affordable homes over the course of the parliament.
The budget also includes more than £5bn of capital investment to grow and modernise infrastructure.
This includes a new £50m town centre fund to support the future of Scottish high streets.
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Derek Mackay, Scottish finance secretary, said that this was a budget of stimulus and stability.
“It delivers for today and invests in tomorrow and does so with fairness, equality and inclusiveness at its heart.
“This budget delivers the public services, social contract and economic investment people expect while mitigating – where we can – the impacts of the UK government’s policies of austerity and Brexit that are causing so much harm.”