And there will also be a major drive to bring empty property back into use, the potential introduction of a mortgage scheme to help first-time buyers and the creation of a £20m housing fund.
It means that over the next three years the council will be able to lever in an estimated £130m for new housing developments.
The Housing Delivery Plan, which covers the period 2012 to 2015,will be considered by the city council’s Cabinet tomorrow (4 November).
The plan aims to improve the quality and range of the housing stock in the city by working with Registered Providers (RP) - previously known as Registered Social Landlords - and private developers. It will involve making council-owned brownfield sites, throughout the city, available for housing at no cost, although RPs would have to enter into some form of clawback agreement in the case of sites which are not ultimately developed.
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Councillor Joe Anderson, City Council Leder, said: "This is the biggest investment of this type we have seen for decades.
"When I took over as leader I made it clear that housing was one of my top priorities and this plan will help deliver significant improvements at a time when we are facing real economic challenges. Not only will our housing stock be improved through this and other building schemes which are taking place in the city, but it will create much-needed jobs and help build sustainable communities.
"We are investing in this area to save. We will be providing housing which will encourage people to stay in the city which boosts its economy.
"But this is not just about social housing, it is a unique opportunity for regeneration and growth which will produce thousands of construction jobs and hundreds of apprenticeships.
"Along with our investment in eight new schools and through the council’s Asset Backed Vehicle, which allows us to use our land and buildings to attract long-term investment from the private sector and so stimulate regeneration, we are looking at around half a billion pounds of investment in the city creating growth and jobs."
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