The development on land off Burton Crescent and derelict land adjacent to St Stephen's Church, will see a mixture of properties across the site, including bungalows, houses and flats.
The homes, which will all be available for affordable rent, will be managed by Springfield Horseshoe Housing Management Co-operative.
It is proposed that a contractor to build the new homes will be appointed early next year, with the development expected to take up to 3 years to complete.
Councillor Peter Bilson, City of Wolverhampton Council Deputy Leader and Cabinet Member for City Housing and Assets, said: "Moving this redundant site forward is good news for the city as we aim to meet increasing housing demand.
"The funding for the development of these homes will come from the council's Housing Revenue Account.
"To mitigate for the loss of the former football playing fields off Burton Crescent, the nearby open space at Grosvenor Street in Heath Town will be improved and a 7 x 7 sports pitch (60yd x 40yd) will be provided. This is in addition to an upgrade to a neighbouring play facility at Burton Crescent that has taken place in recent years.
"One of our key priorities is to increase the number of decent, high quality energy efficient affordable homes available in the city. The tenants in these properties will definitely benefit from that and access to local amenities and a garden space."
The development includes 6 one bedroom flats, 5 one bedroom bungalows, 6 two bedroom bungalows, 16 two bedroom houses, 4 four bedroom houses and a supported housing unit of 6 one bedroom flats.
The project is part of the wider plans to regenerate the city and increase the number of decent and affordable homes in Wolverhampton.
- released: Tuesday 28 November, 2017