The 74 homes on Larne Road will accommodate 238 people when the development is completed in April 2018.
The Department of Communities allocated £4.4 million funding and an additional £4.1 million has been provided by Choice Housing Association through private finance.
The first phase of homes is expected to be handed over in September 2017.
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Communities Minister Paul Givan MLA said: "One of my key objectives as Housing Minister is to ensure that everyone has the opportunity to access good quality, affordable accommodation. When completed, this new development will do just that by providing 74 modern homes to people on the social housing waiting list in an area where there continues to be a high housing need."
Michael McDonnell, Chief Executive of Choice Housing said: "This important project will bring 74 high quality new homes for families of varying sizes in Ballymena. It is good news particularly for those who are on the waiting list and will help bring a new vibrancy to the Larne Road area. This is a site that we have worked hard to secure and we are grateful for the support received from the Department for Communities and Mid and East Antrim Borough Council."
(CD/LM)
