Sixty cottage-style "affordable" houses worth about £160,000 could be built on Anglesey.
There would be rules about who could buy the homes at Pentraeth
Developer John Wood's proposals still need formal planning permission, although they are backed by the Prince's Foundation charity.
Potential buyers of the cottage-style homes at Pentraeth would have to be from Anglesey.
There would also be strict rules to prevent second home buyers, buy-to-let or sub-letting.
With shared ownership, homeowners would pay a weekly ground rent on the part of the house they did not own, and would keep a share of any increase in the house's value.
"They must be affordable so the houses will be sold on a shared ownership basis at 50% of their open market value," said Mr Wood.
He said the houses would be built using environmentally-friendly materials, so they would be efficient to run.
"I want people to be proud to live in and own their home," he said.
"I know from the past that without affordable houses key workers such as nurses and teachers are driven away from their local communities because house prices are too high.
"I want to put an end to that," he added.
James Hulme, of the Prince's Foundation, a charity promoting ecological ways of planning, design and building, said: "I have been to Anglesey to look at the proposed site.
"We are in favour of such schemes and would be willing to give advice on the project."
Anglesey councillor John Chorlton, who holds the portfolio for housing on the island, said affordable housing was a "major, major issue on Anglesey".
"Anyone who has a scheme for such a development would be looked on favourably," he said.
"Three or four years ago you could buy a terraced house in Holyhead for £30,000 - now it's £100,000."