Miguel Albuquerque made this announcement during a visit to the building located in Boa Nova, Funchal, Xinhua quoted local media as saying.
According to Lusa News Agency, the region needs 157 million euros ($175 million) to cope with the consequences of the fires which affected the island and killed three people.
Madeira has already managed to raise 62.5 million euros out of this amount, Lusa reported.
The new block of apartments, which will be launched in January and will be completed in summer next year, represents an investment of 180,000 euros.
At least 200 families were left without a home following the fires earlier this month.
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