Guernsey's Housing Authority plans to have first partial ownership homes available in July.
The scheme was unanimously approved by the States on Thursday.
Delancey will be the site of the first development, where the Housing Authority intends to put five homes.
There are also plans for shared ownership properties to make up part of developments at Rue des Marais, Rue des Lierres and Roseville.
The new initiative is being hailed as a potential breakthrough in helping more Guernsey people become home owners.
They would own part of a property and pay a mortgage for that share, with the rest of the building owned by a scheme provider, such as the Housing Association, which will charge rent.
The Housing Authority's president, Deputy Bernard Flouquet, is confident the initiative will be very popular.
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