Proposals for new family housing in the town centre were discussed at a meeting between the housing association and Strangford MLA Jim Shannon.
BIH, who manages and maintains more than 4,500 properties across the Province, unveiled plans for 45 new apartments on Regent Street.
Still in the early stages of design, the project has been broadly welcomed by the Housing Executive and Planning Service.
BIH's Director of Development, Ian Graham, said: "There is a growing demand for social housing in the Newtownards area and we hope that this scheme will go some way to meeting that need."
Mr Graham said the designs had smaller families in mind.
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"We are looking at three storey accommodation for this site, with 15 three person, two bedroom apartments on each floor," he added.
The Regent Street site is close to many local amenities, including the town's bus station.
The plans also incorporate underground residential parking, which will alleviate possible congestion in the centre of the town caused by on-street parking.
Mr Graham said: "We know that the site is also close to Newtownards's 'area of townscape character' and that there are a number of listed buildings close by."
"We will be sensitive to the new scheme’s design so that it sits comfortably in its surroundings," he said.
Mr Graham said the new scheme would meet 'Secured by Design', 'Lifetime Homes' and 'Code for Sustainable Homes' criteria.
He said: "'Code for Sustainable Homes' standards means we use ecological friendly material with low energy output for lighting."
BIH hopes to commence work on the scheme next March, with the completion date scheduled for September 2010.
MLA Jim Shannon said: "This project is an opportunity for Newtownards to have some of the much needed social housing and also breathe more life into the town."
"They will also be a bonus to the regeneration of that area of the town. I will await with anticipation this scheme and others like it which will bring multifaceted benefits to Ards," added Alderman Shannon.
(PR/JM)
