The Council, which is part-funding the programme, said in a statement that it will seek to enter into agreements with developers to deliver the maximum number of affordable rent homes with the support of the Council grant.
It said that the programme would also enable more housing to be built through its 'Hidden Homes' initiative, under which formerly empty or derelict areas such as old laundries, store sheds, garages, or space on estates prone to crime or antisocial behaviour are used to provide new affordable homes.
The Council said it was also planning to use Section 106 agreements to require developers to market new private rented housing to local residents first and to offer tenancy terms longer than the standard six months.
It said it would investigate whether community infrastructure levy contributions by developers could be lowered to incentivise the delivery of private rent housing.
"Across the borough we are seeing investment in housing - and we want to make sure that all of our residents benefit from it, whatever their financial situation," said the Council's housing spokesman Paul Ellis.
"Financially supporting low cost rent and home ownership development and encouraging development for private rent are just some of the ways that we are looking to increase the supply of properties for local people," Ellis said.
"As well as enabling more low cost affordable rent housing to be built we are also introducing measures to ensure working households are given greater priority when it comes to the allocation of homes," he added.
