The keys to 34 new houses and apartments have been handed over to residents in Moyross.
This is the first new building development in the six-year long Limerick Regeneration project.
The new housing development at Cliona Park in Moyross consists of 13 three-bedroom houses, and 21 one and two bedroom apartments.
The construction began in autumn 2011 and was completed late last year at a cost of €4.6m.
The Limerick Regeneration project first began in 2007.
Its aim is to transform the areas of Moyross, Southill, Ballinacurra Weston, and St Mary's Park, which had suffered considerable disadvantage, criminality, and anti-social behaviour over many years.
They are considered to be among the most deprived areas of the country.
Over 900 houses have been demolished under the scheme, and up to 1,000 families have moved out of regeneration areas.
Housing Minister Jan O’Sullivan said that while physical regeneration had been a long time coming, this was the beginning of a very important phase for the regeneration process.
She said the need for investment had not in any way diminished.
Limerick City Council, which now manages the project, said the pace of new building projects has quickened significantly and 100 homes will be built by the end of this year.