The scheme, known as The Lodge, will accommodate six adults who will each have their own en-suite bedroom facilities with communal living, kitchen and dining areas.
Staff from the Northern Health and Social Care Trust will provide 24 hour on site support to help residents develop and maintain their independence.
The Department for Social Development has contributed £303,000 to the scheme, with Choice Housing Association (HA) contributing £137,000 through private housing.
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Timothy Quin, Chair of Choice HA, said: "Choice have worked in close partnership with the Department for Social Development, the Northern Health and Social Care Trust and the Northern Ireland Housing Executive's Supporting People Team to provide this exciting new refurbishment project.
"The building has been reconfigured to enable more independence for tenants to live in a homely, convenient setting within the community."
Social Development Minister, Mervyn Storey MLA, said: "This new scheme is a fine example of what can be achieved when organisations work in partnership.
"This is a first class facility which has enabled residents to make the successful transition from long term residential care into a more independent way of living with integration into the local community."
(LM)
