Applicant Wardown Properties Limited submitted proposals for the accommodation in a five-storey building on land between 37 and 53 John Street, with an access, amenity space and landscaping.
There would be three one-bedroom, 17 two-bed and four four-bedroom apartments, according to a report to the borough council's development management committee.
The application site is vacant and was most recently used for parking, said the report. "It's bound by commercial and residential development on three sides, with the River Lea in an open channel at this point to the north.
"A seven-storey block of 58 flats with the use of the ground floor as a restaurant and basement parking was approved in 2003. A further application to demolish workshop buildings received conservation area consent.
"Those on-site premises were demolished in 2004. Planning permission was granted for four retail units and 39 flats in 2015, but this lapsed without implementation.
"A further planning application was refused in 2018 for the site to be used for airport parking, and another housing development proposal submitted and withdrawn in 2022."
LBC's planning team leader Clive Inwards told the committee: "There's still an objection from the lead local flood authority around surface water flooding risk, which the applicant has committed to resolving.
"The Environment Agency requires access for vehicles to the nearby River Lea for monitoring and maintenance purposes, but has no objections concerning river flooding," he explained.
"An undercroft is proposed, which will allow residents access to the private amenity space at the back as well. A lift would be provided. The environmental protection officer has requested noise conditions.
"This location is within the creative quarter and Plaiters Lea (the Hat District) conservation area. It's a car free development with storage for 26 bicycles. It's not an allocated housing site within the Local Plan.
"There's no loss of a use for which a recognised local need exists and this wouldn't result in overdevelopment of the site. The good design will improve the character and appearance of the conservation area.
"An appraisal submitted concludes it's not viable to provide any affordable housing. The independent assessor the council uses agrees with these findings.
"The delivery of 24 homes and regeneration of this vacant plot is considered a significant benefit of the project, which outweighs any identified harm."
Asked about the flood risk issue, he replied: "The applicant needs to show it won't result in any risk to occupiers or that it might affect neighbouring properties.
"There are the usual challenges of high build labour costs and low values. We can include the review mechanism as part of the Section 106 agreement."
Labour Central councillor Mohammed Yaqub Hanif said: "Planning permission has lapsed before. It's left a large void since there was something last there.
"We've ambitions to develop the town centre. Anyone buying a property there will be aware they won't have access to parking on site. The bus stops are a minute's walk and there's an international train station."
Councillors unanimously approved the project, subject to resolving the flood risk objection and any extra conditions required.