Councillors will discuss proposals to establish the local authority-operated company on Friday, 24 June.
The new firm will aim to help thousands of people onto the property ladder by developing houses on council-owned land over the next few years.
New routes into home ownerships will be provided by developing new starter homes, rent-to-buy properties and shared ownership schemes. The company could also purchase vacant properties and refurbish them to support areas where housing is struggling.
In addition, the plan would increase construction employment opportunities for local companies and apprentices, with profits recycled back into supporting further council services.
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Mayor Joe Anderson said the plan was an opportunity "to use our knowledge and land" to develop properties which boosts employment and help people into their first homes.
"We have done an awful lot to increase the range and choice of housing in the city over the last few years by working with housing associations and developers, as well as through our innovative Homes for a Pound scheme.
"Our success in creating more than 5,000 new homes with private and public sector partners has improved life for thousands of residents and is generating valuable council tax income to help offset cuts in our funding from Central Government.
"However, despite this work, I am acutely aware that there are still far too many people simply can't get a foot on to the housing ladder in the areas where they want to live."
Cllr Frank Hont added: "This is not a return to the days of the council being a social landlord providing mass housing. The company will operate commercially but be very focused on social value and social responsibility and won't compete with Housing Associations.
"This is not about competing with other sectors but about filling gaps in the market which the private sector is not doing, and increasing the quality of the housing market."
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