The company will enter into an overarching agreement with the local authority to deliver a wide range of housing-led regeneration and development initiatives across the county.
The partnership, worth £100 million, will also help create hundreds of new jobs and establish Keepmoat's presence in the South West of England.
The Keepmoat Ltd bid was submitted in conjunction with a number of partner organisations including Keepmoat Homes, WMs Housing, Herefordshire Housing Ltd, City Heart and Keepmoat Regeneration.
Projects will include the development of the Urban village, student accommodation, new PRS homes, a hotel and retail outlets. The first new homes are expected to be delivered in summer 2018.
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James Thomson, Chief Executive Officer of Keepmoat Homes, said: "This is a fantastic step forward for Keepmoat Homes and will make a significant impact on helping us deliver our ambitious growth targets.
"Over the last few years the business has grown at a pace, both through expansion into new geographical areas and through the delivery of more new homes and this latest development will help us to firmly establish our presence in the South West.
"We're excited at the prospect of working with Herefordshire Council over the next 10 years, or more, to deliver much needed high quality new homes across the county.
Cllr Harry Bramer said: "The partnership will go much further than the delivery of new homes. It will also promote economic growth across the county through a number of initiatives including developing a strong local supply chain with at least 50 percent of suppliers and contractors coming from within Herefordshire.
"The council will also retain its ability to raise capital from the council's land holdings, whilst controlling the nature, speed and character of the county's development.
"Keepmoat Homes will provide support for local businesses, third sector groups and the community as well as improving skills and educational attainment through training and apprenticeships. This, in turn will enable the development of new economic activity to address the problem of low wages in the county."
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