SDLP representatives Sinéad McLaughlin MLA and Colr. Martin Reilly have been advised by the Department for Communities (DfC) that tender documents are currently with its procurement section for approval.
Ms. McLaughlin said: "I am very pleased that we have clear progress on the work programme for the Triangle area of the Waterside. This area is in need of vital renovation and improvement.
"It is disappointing that work has not yet begun and that arrangements have not yet been finalised for the buy-back of properties from those leaseholders who want to avail of this."
The MLA acknowledged that the COVID pandemic has caused delays.
"However, I do recognise the difficulties officials are working under as a result of the Covid pandemic. I sympathise with residents, for whom this has been a frustrating and worrying experience," she said.
Colr. Reilly added: "Renovation and improvement of the Triangle is essential for those who live there, who have for too long been coping with poor living conditions and uncertainty around the future. This work will not only improve their living conditions, but will also play an important part in the regeneration of this part of the Waterside."