Forty-five houses in South Oxfordshire and the Vale of White Horse, which have been bought and refurbished by the area's district councils, are now ready for people to move in.
The initiative comes more than two decades since the last council houses were sold in the districts.
With house prices having sharply rise since then, the councils said they were "tackling the problem head-on".
The homes, 27 of which are in South Oxfordshire and 18 of which are in the Vale of White Horse, have been prepared for individuals and families who are in the highest level of housing need.
These include families moving from conflict zones such as Ukraine and Afghanistan.
It is the first phase of the councils' plan to become long-term social landlords for residents.
The move has been largely funded by immediately available grants that are intended to initially support those in high housing need.
The homes can later be used to support long-term housing need in the communities.
Councillor Maggie Filipova-Rivers, cabinet member for housing at South Oxfordshire District Council, said: "Making use of this national funding was an incredible opportunity to tackle two issues - the immediate and urgent need to find homes for people fleeing conflict, and the long-term need to provide members of our local communities with a supply of good quality, genuinely affordable homes.
"Energy efficient measures such as new combi boilers and double glazing will help to keep energy bills as low as possible.
“Not only are we using external grant funding, we’re also contributing money to buy these homes to help with our district’s housing issues in the long term.
"Ultimately, this process will be much more cost-effective than having to deal with homelessness issues in the future."
Councillor Sue Caul, cabinet member for housing at Vale of White Horse District Council, added: "Becoming social landlords once more will help us to help those in most need within the Vale.
"We’re determined to help improve people’s living situations and make the most of all opportunities to do that.
"Using the funding to help build up a stock of council-owned affordable homes will ensure people on lower incomes can live and thrive here.
“We’re delighted to see the properties refurbished and freshly decorated, ready to provide a welcoming home for those who need it most - both now and into the future.”
Over time, these homes will contribute to the councils’ Housing Delivery Strategy.
It aims to provide suitable, affordable homes and address the lack of availability of affordable housing in South Oxfordshire and the Vale of White Horse.
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