The package will help to unlock a £44 million grant from the Government's Homes and Communities Agency which will enable the ambitious redevelopment of North Prospect to go ahead.
The grant is conditional on the City Council making its own commitment to provide land and funding to provide more affordable housing which will give North Prospect residents affected by the redevelopment more options in terms of alternative accommodation.
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The Council's Cabinet Member for Planning, Strategic Housing and Economic Development Councillor Ted Fry said: "This affordable housing package will enable us to secure one of the biggest investments of its kind in the South West region.
"It will mean North Prospect residents have more choice of where to live when their homes are either being rebuilt or refurbished and it will boost the city's overall supply of badly needed affordable housing."
The plans, due to be considered by Cabinet at its meeting tomorrow, involve the creation of new affordable housing on former MoD land at Barne Barton and on various other sites fringing the south western border of North Prospect.
All the new homes would be completed by 2011, paving the way for the North Prospect development. They will be a mix of homes to rent, buy and part own.
(CD/JM)
