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The homes were built by Lurgan-based Moss Construction.
South Ulster Housing Association have acquired the homes and are ready to allocate them to 22 families currently in housing stress and waiting for re-housing in the area.
Minister Margaret Ritchie said: "In the New Housing Agenda I said that we needed to be imaginative in increasing the supply of social housing.
"This scheme in Lurgan is about getting homes which are cheaper to buy than to build, in an area where there is an urgent need for more social housing.
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"With the recent downturn in the housing market, we have been pro active in acquiring housing at the right price, to alleviate the most urgent housing need."
Earlier this week the Royal Institute of Chartered Surveyors urged the Stormont Assembley not to bail-out private developers by buying up ailing schemes - except where there was value for money, and a great need for social housing.
Ms Ritchie said she agreed with the RICS's suggestions.
"These are the right homes, at the right price, in the right place. It is good that in an area of high housing need, we have a win/win situation for both the public and private sector," she said.
John Armstrong, CEF Managing Director said: "Many thousands of jobs have already been lost across the construction industry and support from government to purchase properties like these where there is urgent social housing need will help protect those still employed in the sector.
"We welcome Minister Ritchie's intervention at this difficult time for the wider construction sector and if we can bring forward more quality housing schemes like this, at the right price and where they are most needed, we can look forward to helping the minister deliver the New Housing Agenda," he added.
(PR/JM)
