The local authority has awarded the sum to Hearthstone Investments, a London property fund which hopes to build 1,000 new homes across the country.
The Falkirk Local Government Pension Scheme Fund contribution could pay for up to 300 new homes, including 126 in Falkirk and Clackmannanshire.
Social Justice secretary Alex Neil said the fund was "a trailblazer".
Hearthstone aims to raise £150m for its Housing Fund For Scotland, including contributions from the country's 11 local government pension schemes.
It plans to provide funds to local housing associations to invest directly in social housing, as well as buying affordable homes to be let at a mid-market rent.
Edinburgh-based housing association Castle Rock Edinvar will manage the initial building programme for social rent houses.
Mr Neil said: "The £30m Falkirk Local Government Pension Scheme fund investment will, I believe, act as a trailblazer and encourage other Scottish local authority pension fund trustees to take the plunge and invest in housing.
"For an acceptable risk profile, investment will provide pension funds good, long-term returns for their members and a social investment to help build stronger communities."

In September the 20-year-old opted to play for England over the Republic of Ireland and has been awaiting clearance from Fifa.
Grealish played for the Republic at under-21s level but turned down a call-up to the senior squad for a friendly against England in June.
Birmingham-born Grealish qualifies for the Republic through his grandparents.
After an impressive first full year for Villa, Grealish has struggled this season, making only 17 appearances and scoring once.
He has been struggling with an ankle problem and has not featured since coming on as a substitute against Manchester City in the FA Cup on 30 January.
Falkirk Council's pension fund has invested £30m in a scheme to build social housing in Scotland.
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Fifa has given Aston Villa midfielder Jack Grealish permission to play for England.