WV Living has been granted planning permission to build homes on the former Ettingshall Primary School site and a plot of land on nearby Sweetbriar Road.
A mixture of 2 bedroom, 3 bedroom and 4 bedroom houses, and 2 bedroom flats will be built across the 2 locations.
The former school site off Herbert Street will see 25 houses and 9 apartments developed on it, with 8 affordable homes lined up on Sweetbriar Road.
A contractor will now be appointed, with work expected to start later this year.
Councillor Peter Bilson, Deputy Leader and Cabinet Member for City Housing and Assets, said: "This is great news for WV Living as it pushes forward the first phase of its building programme.
"The designs that have been created will provide top quality homes for the city and developments with strong local links, which residents can be proud of.
"There is a strong belief that a council owned housing company is both viable and offers the best outcomes for the council in terms of both strategic housing and income generation.
"WV Living has plans for almost 400 homes to be built in the next 2 years. This will support the overall house building programme in the City of Wolverhampton and we hope people will love their WV Living homes."
Work on the first phase of WV Living homes is set to start later this year, with the building of 52 units, including 13 affordable homes, on the site of the former Danesmore School.
A planning application has also been submitted for 40 units, including 10 affordable homes, on the former Prouds Lane Leisure Centre site.
The names of the new developments have been chosen to reflect connections to the local area.
The former Danesmore School site will be called 'Danesmore Pastures', the former Ettingshall Primary School site will be branded 'Sweet Briary', and the Prouds Lane former Leisure Centre site will be called 'Peascroft'.
The 7 types of homes - The Pelham, The Bantock, The Moseley, The Wightwick, The Newbolt, The Hayward and The Leveson - have been named after popular landmarks and famous people associated with the city.