Finance Minister Caoimhe Archibald's made the decision which will enable the delivery of up to 1,400 social houses within this financial year.
Responding to the allocation, Sinn Féin MLA Ciara Ferguson said: "This demonstrates the Executive's commitment to providing more social, affordable and sustainable housing, as outlined in the draft Programme for Government.
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"Despite this, one budget was not going to reverse the toxic legacy of Tory austerity and more funding is needed from the British government to ensure we can deliver more homes.
"I would urge the Communities Minister Gordon Lyons to publish an updated housing supply strategy and for him to engage with the British Treasury on securing borrowing powers for the Housing Executive.
"Everyone deserves a home that is safe, secure, comfortable, affordable and of good quality, and Sinn Féin will not give up fighting to make this a reality."
