Plans for the new apartments, which will be located in the Dominick Street area, also includes the creation of 22 new homes for people currently waiting on housing.
The plans were announced after the Housing Minister, Simon Coveney, allocated funding of €22 million.
Sinn Fein TD Dessie Ellis said: "The Department will be providing €21.615m for the residential element and €540,000 towards community facilities as part of the development.
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"This is a very welcome development especially for those who have been waiting for years for the regeneration of the north inner city complex. However, for this to be a success full community, consultation needs to be undertaken from the outset."
Sinn Féin Dublin Central TD Mary Lou McDonald said: "This much needed funding is very welcome. This community has been waiting years for the regeneration of the area with many families literally waiting in sub-standard accommodation.
"There must however be full consultation with the local area from the outset in order for this project to be a success."
(CD/MH)
