The Minister made the announcement after accepting the recommendation from the Independent Inspector who was appointed to hear evidence from those both in favour and against the redevelopment proposals.
As part of the investment, 538 old homes, many unfit for further occupation, will be demolished and replaced by 273 new homes, built to the latest design and environmental standards.
A number of other homes across the area will also be refurbished as part of wider plans that will be delivered over the coming years.
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The Housing Executive will now establish a design team to cover all aspects of the redevelopment process and key stakeholders and residents alike will be invited to take part in literally designing a better future for their community.
Minister Ritchie said: "This is an important day for the people of the Village. This announcement means that work can now begin in earnest to deliver change that will see some of the worst housing in the community replaced with more modern, sustainable homes. I recognize our proposals have divided opinion in the community and it was right that a Public Inquiry was held to allow people the chance to have their say. But that Inquiry is now complete, the decision to proceed approved and we must now put the past behind us and concentrate on the future, a future which everyone in the Village will now have a say in delivering.
"I am conscious that there are many home owners who will be directly affected by this announcement. Many of them have lived here all their life and I want to see what I can do to provide the choice for them to remain in the community post-regeneration. I will shortly publish a consultation document outlining new proposals that could see many of them stay in the community after the work is complete."
(NS/GK)
