The regeneration scheme is being funded by the city council and government and the council say it will give the area a new lease of life.
The programme will revamp empty council-owned properties which have fallen into disrepair.
The city council will initially cover the cost of refurbishing the homes and will sell them for just £1. However, the new owners will have to pay back the cost of the refurbishment over a set period of time.
It is the first phase in a £3 million project which will see 124 long term empty homes in Portland Street and Bond Street areas brought back into use.
More top news
More than 30 officers from HMRC searched three residential and one business address during morning raids in the West Midlands yesterday.
Deputy party leader Tom Watson said that what has happened with Jeremy Corbyn is a "great tragedy".
Prince Harry has become royal patron of a Silverstone project designed to celebrate the history of British motor racing.