Alliance Social Development spokesperson, Stewart Dickson MLA, has welcomed the £180m deal secured by Clanmil Housing to build 1,600 new houses.
It will help create 1,000 jobs.
Danske Bank and Barclays have agreed to lend Clanmil £75m and £45m respectively for the development.
Mr Dickson MLA said: "This is fantastic news that 1,600 new houses will be built in the coming years. I hope it will reduce the waiting lists for social housing and ensure that we have more modern and high standard homes.
"This announcement will also be a big boost to our construction sector that has faced a number of difficult years."
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