The entire project, including acquisition of the land at the two locations and construction of all the units, is expected to run about $6 million, he said.
About $5 million has been obtained through the sale of tax credits granted by the West Virginia Housing Development Fund.
The remaining $1 million will be borrowed, with the money to be repaid with rent revenue from the units, Taylor said.
The ultimate plan is to demolish the 108 original units at Littlepage Terrace, which was built in the 1940s. However, the complex cannot be demolished until new units are constructed, Taylor said.
Taylor hopes to build another 48 units on the Littlepage Terrace site once the old buildings are demolished, he said.
The availability of land on the West Side is the main reason for the housing authority opting to build there, Taylor said.
"You can't find large parcels of land that will accommodate what we're doing in other sections of the city," he said.
The Municipal Planning Commission will review the site plan for the new units to be located at 1920 Washington Street West during Wednesday's meeting.
"If there are concerns about the project that come up in the public meeting, then the Planning Commission can tweak the plans a little to address those concerns," said Dan Vriendt, director of the city's Planning Department.
The commission's decision will be final and not forwarded to city council.
The Planning Department has not received any calls or letters in opposition to the project, Vriendt said.
The meeting will be held in the City Service Center's conference room starting at 3 p.m.
The City Service Center is on the ground floor of a city parking building at the corner of Virginia Street East and McFarland Street downtown.