He said the Assembly would be looking at selling publicly-owned land for projects that could help stimulate the economy at "substantially less than market value."
Local authorities should think about doing the same with their estates, the Plaid Cymru leader said.
He announced that the coalition would be teaming up with housing associations and lenders to increase the number of affordable homes on offer.
The TUC and CBI have urged the Labour-Plaid administration to use the downturn as an opportunity to press ahead with its target of creating an extra 6,500 affordable homes by 2011.
The pledge to provide more land for housing is one of seven "workstreams" that ministers are developing in an attempt to throw the economy a lifeline.
The Assembly Government said afterwards that it would try to bring forward big capital projects where it thought public spending would help lessen the downturn.
It has also pledged to help re-train redundant workers and to examine whether it can lend a hand to businesses in the way it buys private sector goods and services.
Mr Jones told the Government's weekly press briefing that land which had already been granted planning permission was being earmarked.
"We are not forcing local authorities to be part of this," he said.
"What we are trying to achieve is that we all have a target to meet the aspirations of the people of Wales to be the owner of their own home if they wish.
"We are saying to local authorities if you want to be part of it, join us.
"We are not saying you must. We all have to take risks about this."
The Tories promised to work with the Government to see Wales through the fall-out from the credit crunch.