Walthamstow Forest Council approved the plan by social landlord London and Quadrant to build 294 homes, a nursery, allotments and green spaces at the famous stadium.
Now the project must clear one last hurdle before building work can start.
London Mayor Boris Johnson will get the final say in whether the scheme goes ahead.
The project faces strong opposition from campaigners and local Conservative MP Iain Duncan Smith who have urged that the plan is rejected.
L&Q is expected to use one of its framework contractors to redevelop the site. These include: Allenbuild, Ardmore, Countryside Properties, Denne, Durkan, GallifordTry, Higgins, Hill Partnerships, Mace and Rydon