Housing group Adra plans to invest £198 million to build more than 1,200 new homes over the next five years - including helping deal with a property shortage in Gwynedd.
They say their ambitious programme will help tackle the housing crisis and the impact of the Covid economic hit across North Wales.
This will includes homes for social rent, affordable homes to rent or buy, and market price properties through the housing association’s development subsidiary Medra.
They said profits through this initiative will be reinvested back into the Adra Group.
Adra, formerly Cartrefi Cymunedol Gwynedd, will target grant funding from the Welsh Government.
They say they would target its commitment to support the Welsh language, providing affordable homes for local people priced out of the market by demand for second homes.
Almost 40% of properties sold in Gwynedd from March 2019 to April 2020 were purchased as second homes, recent figures show.
Iwan Trefor Jones, deputy chief executive of Adra, said: "We are taking a proactive and positive approach to supporting rural and urban communities, where there’s a huge demand and desperate need for local affordable homes.
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“It is of massive concern to us that an average of 60% of households in Gwynedd for example are priced out of the housing market.
"Our new development programme aims to ensure that new affordable housing will be available for young, local people and families.
“We are looking to collaborate further with the private and public sector to deliver partnership opportunities, using innovative approaches to development funding as well as joint ventures.”
Gwynedd councillor and housing cabinet member, Craig ab Iago added: "The lack of housing options for local people is one of the main challenges in Gwynedd today and I hope that Adra’s growth will make a difference.
"I’m eager to see many of these houses built in Gwynedd to create a sustainable future for our communities and to respond to the major housing need for local people as well as providing opportunities and jobs locally."
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Adra owns and manages 6,300 homes across North Wales. The group was created in 2010 via the transfer of stock from Gwynedd Council.
Since then, Adra has invested more than £150 million upgrading current stock and building new homes.