Cash is to be taken from a council's growth and efficiency fund to set up a pot for property and land development in Mid Suffolk.
The district council had been criticised for setting up a joint venture with Babergh which borrowed £50m for investments in places like Essex and Peterborough.
Now it proposes to set up a £3m fund to secure key properties or land that can be regenerated or revamped for the community.
But council bosses have stressed the new fund will be for opportunities in the county, not elsewhere. The council's cabinet will meet on Monday when it is recommended it approves transferring £3m from the growth and efficiency fund to a new investment pot.
The opposition Green Party said any spare money should be used to build affordable homes.
Nick Gowrley, Conservative leader of the council said:"The fund will enable the council to react and secure, when required, strategic property and land, as an investment opportunity, and to assist future house-building and economic growth within the district."