The project was a joint effort with other funds and grants. It included support from the Scottish Government's Rural and Islands Housing Fund, Argyll and Bute Council and crowdfunding by the Ulva School Community Association.
The main aim of the project is to sustain the local primary school. A thriving local community increases the need for primary school places and boosts the local economy.
This autumn, the school roll will be at its highest for nearly 20 years, with 16 pupils, of which 12 will live in houses built by MICT.
Nationwide Oban Branch manager, William Campbell, said: "I think it's so important that we fund projects in remote areas as well as cities.
"Although this may be a small project, the impact on our community is massive."