The fund will be given the go ahead at a cabinet meeting on Tuesday, 16 February.
Around 5,800 homes will undergo improvement works including new kitchens and bathrooms, upgraded heating systems, insulation and window and roof replacements.
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Cllr John Cotton said: "We currently own and manage 63,138 residential properties and have made substantial improvements to thousands of our properties over the last few years.
"The average age of our properties is approaching 70 years so investing in our stock is essential in order to safeguard its condition.
"Not only will this substantially improve our tenants' homes, but by replacing inefficient heating systems, we can further reduce the city's carbon dioxide emissions and lower our tenants' heating bills."
In addition, the cabinet is set to approve a 1% rent reduction in line with the government's new rent policy.
(LM/MH)
