These homes will be built in addition to the 65 proposed new council homes in existing projects, with a further £56 million of investment required over 4 years.
The business plan review was prompted by a Government reduction in social rents for council tenants - and the resulting restructure has produced savings in the capital programme, which will be used to finance more new council homes.
Councillor Peter Bilson, Deputy Leader and Cabinet Member for City Assets, said: "To find the capacity to deliver this amount of extra council homes over the next 4 years is a major shot in the arm for Wolverhampton.
"As part of regeneration plans, we are committed to delivering thousands of homes across the city between 2006 and 2026.
"One of our key priorities is also to increase the number of decent and affordable homes available in the city and these new council homes fit the bill."
The first new council homes to be built in Wolverhampton in 30 years were completed at Thompson Avenue in August, with tenants now occupying 40 homes.
Across the city, new council homes are already factored into plans for the Care and Support Specialised Housing (CaSSH) and Strategic Construction Partnership (SCP) schemes, and forthcoming mixed residential developments on land of the former Tap Works in Low Hill and former Tower and Fort Works in Graiseley.
The proposals will be discussed at Cabinet on Wednesday 13 January before going forward to Full Council.
To view the full report please read the Type=links;Linkid=6760;Title=Cabinet Meeting 13 January 2016;Target=_blank;.
- released: Thursday 7 January, 2016