Plans are in place to build 81 new homes on a former multi-storey block site at Alexander Street.
Tenders received for the joint Hillcrest Housing Association and city council project will go before the neighbourhood services committee in a report on Monday, 25 April.
Members will be asked to approve a tender for the council's contribution at £4,622,720 for Hart Builders.
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If successful, work could begin at the site this summer.
Overall, the local authority funding will contribute towards 33 of the new units.
Cllr John Alexander said: "This is a major step forward on the exciting journey to redevelop and regenerate the Hilltown.
"These will be quality new affordable homes and I am pleased that our partnership with Hillcrest is to deliver a tremendous boost for the area and its people.
"Plans for a school campus with community facilities are progressing and there were plans recently displayed to the public and both Rosebank and Our Lady's primaries.
"The area will also benefit from an NHS facility which is also planned for the Alexander Street site."
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